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In its important Final Report, published on 31 January, the High-level Expert Group on Sustainable Finance reflected on the conditions for introducing a ‘green supporting factor’. At Finance Watch, we question the wisdom of this policy measure, which could easily turn into a gift for banks. In our view, the European Commission should look at other tools to ‘green’ the EU’s credit supply instead while preparing its Action Plan on sustainable finance in the coming weeks.
In this blog article, Grégoire Niaudet from our member Caritas France offers an ambitious overview of available sustainable finance policy tools. He argues that we need both to radically transform the business model of companies and financial institutions, and also to completely refocus the financial markets and redirect investment towards the challenges of mitigating climate change and adapting to it.
Tax evasion is no longer the occasional failure of an otherwise efficient tax system; it is a global, booming business. The result is gross inequality. The constitutional principle of equality before taxation is ridiculed by the institutionalisation of tax evasion. We want a different financial system, where tax is an equally shared contribution to the building of a fair society, prosperous for all. It is time to #changefinance.
In this blog article, OpenDemocracyUK's economics editor Laurie Macfarlane calls on civil society to start tackling the root causes of the financial crisis and working together to build a fairer and more sustainable alternative.
In this article, Andrea Baranes from Finance Watch's Member organization, Fondazione Finanza Etica, and Giulia Porino from Finance Watch present the new Italian law on ethical finance and argue that it could serve as a model for the European Union by exemplifying political willingness to regulate on the definition and implementation of sustainable finance.
Thierry Philipponnat, Director of the French think tank Institut Friedland and former Secretary General of Finance Watch, about his last book "Le capital de l’abondance à l’utilité"
Giulia Porino 4 April 2017
This short paper by authors from Finance Watch, Frank Bold, ShareAction and WWF calls for a series of “bottom-up” corporate governance improvements to help institutional shareholders and pension funds align their actions more closely with the wishes of savers and pension beneficiaries.
What will future generations of EU citizens make of today’s EU financial policies? Could a region in the UK – Wales - hold the answer? As the EU ponders its own future on “Brexit day”, less than a week after celebrating the 60th anniversary of the Treaty of Rome, we propose two ways the EU could make its financial policies more sustainable.
We need to overcome the narrow focus on consumer education and promote the kind of financial literacy that could form the basis for encouraging citizens to promote political activism and policy change, especially now that the regulatory cycle seems to have come to an end, write Moritz Hütten and Matthias Thiemann from the Goethe University Frankfurt.
26 January 2017
Yesterday’s shadow banking report from the Financial Stability Board sets out the right analysis of the problems caused by financial firms’ re-use and re-hypothecation of collateral but lacks strong recommendations. Finance Watch suggest four initiatives that the European Commission could take to fill in the gaps, and so improve financial stability for the EU’s banks, citizens and taxpayers.
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