Europeans for Financial Reform, an initiative of Labour and Social Democratic MPs in the European Parliament, has produced a new brochure explaining their goals and legislative targets.
The brochure (currently available in English and French, with German and Spanish in preparation) explains in clear, accessible language the key reforms which are needed to rein in a bloated financial sector and channel investment away from speculation into creating jobs and reversing the deepening global social and environmental crisis. Key areas for action are: curbing obscene executive compensation and the risk-taking behind the bonus culture; strong regulatory action to rein in private equity and hedge funds; a targeted, calibrated tax on financial transactions (FTT); closing tax havens; legal protection for consumers from toxic financial products and predatory lending; and democratic participation and oversight of regulatory bodies to ensure accountability.
The campaign, which has been endorsed by the IUF and other international trade union organizations as well as Germany's IG Metall, seeks to build mass support and political pressure for these proposals. On the website of Europeans for Financial Reform [1], you can find more explanation about the issues and specific proposals for regulating finance, a glossary of basic terms, current news, and…many articles from the IUF!
For far too long, the alleged futility of any action not undertaken at multilateral or global level has been used to justify inaction even as successive crises have deepened in their scope and severity. While Europeans for Financial Reform was formed to promote a specific reform agenda for the European Union, and believes - with the IUF - that many of these measures can be successfully implemented at the level of the EU - they are naturally aware of the global nature of the problem and the need for global solutions. For this reason they are working together with the US Americans for Financial Reform, a campaign organization which has the backing of US labour together with a broad range of democratic civil society groups.
The IUF supports the campaign, and urges affiliates and the wider labour movement to contact Europeans for Financial Reform to see how they can help promote the campaign message and goals.