Organisation for Economic Co-operation and Development. Links. Friends of Europe. From banking reform to sustainable finance > Friends of Europe > Friends of Europe. The 2011 recession has re-opened the debate about a more radical reform of the financial sector.
It has become clear to most policymakers that the restructuring proposals put forward after the 2008 financial crisis have not gone far enough. Even new IMF Director Christine Lagarde is asking for more radical change (see our story “More radical reform of EU banks needed”). The problem with this renewed interest of policy makers in financial reform is that it is still very much based on short-termism and pays little attention to the bigger challenges our economies are facing. In a brilliant analysis for online magazine Open Democracy, Simon Zadek puts his finger on the weakness of the current approach to financial reform: “Financial market reform understood in today’s conventional terms is focused on how best to ensure the ‘resilience’ of financial markets, to prevent them imploding once more and causing economic havoc and social misery.
By Willy de Backer. Social Science Research Network (SSRN) Home Page. The Missing Dimension: How European Financial Reforms Ignore Developing Countries and Sustainability by Myriam Vander Stichele. Affiliation not provided to SSRNOctober 2, 2011 Abstract: On the eve of the G20 Summit in Cannes, SOMO has analysed the European Union’s financial reform process, agreed on by the G20, in its new report The missing dimension.
How European financial reforms ignore developing countries and sustainability. The new economics foundation. EU finance and sustainable development. Banking & Finance Reforming our financial system to make it safer, more sustainable, and socially useful.
More Community Currencies Exploring alternative currencies. More Jobs & Industrial Strategy Addressing structural imbalances in the UK labour market. Local Economies The benefits of flourishing local economies More Macroeconomics Creating a new macroeconomic strategy. Monetary Policy Improving understanding of how money is created and allocated. Social Return on Investment Measuring a broader concept of value. Home — SOMO. How European Financial Sector Reforms affect Developing Countries. EU Financial Reforms. From January 2010 on, a consortium of six European non governmental organisations is working on the development impact of the financial crisis and of the current financial reforms in a joint project, “Towards a Global Finance System at the Service of Sustainable Development”.
The project is co-funded by the European Union. The financial crisis originated in developed countries but also affects heavily emerging economies and developing countries. The Millennium Development Goals (MDGs) are under threat because poverty and unemployment increase dramatically as a result of the crisis. The EU should ensure that European rescue and stimulus packages remain coherent with development concerns, EU development policy and MDGs. Weekly - Eurostep. For the past two decades Eurostep and its membership have worked towards equal opportunities and justice between North and South – hence the name.
A lot has been achieved in calling for socially just and inclusive EU policies, especially in regard to developing countries. But the global and European contexts have fundamentally changed since 1990 and so have civil society organisations. Against this backdrop and in order to adapt to these changes, the current membership has made the decision to change Eurostep’s structure, membership and purpose. Eurostep is embarking on a process of transition towards being defined more clearly within Social Watch. EU ignores impact of financial reforms on developing countries, SOMO report concludes - Eurostep. According to a new report published by the independent, non-profit organisation SOMO (the Centre for Research on Multinational Corporations), the EU’s financial reforms and their impact on developing countries have not been sufficiently taken into account, with the focus lying on financial stability instead of financial services benefiting society as a whole.
The EU’s lack of reform to its food derivative market continues to influence food prices in developing countries, putting people at risk of aggravating poverty, SOMO warns. The report points to the EU’s lack of focus on the financial sector’s role in society, including the provision of access to basic financial services and job creation. “People who are protesting and increasingly discontent want the financial sector to be at the service of society and not vice versa whereby tax payers need to bail out the banks”, said SOMO-researcher Myriam Vander Stichele. Read the report here: SOMO Source:
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