A coalition of civil society groups led by Finance Watch launches a new tool to measure the financial system’s impact on society
Prototype of Citizens’ Dashboard of Finance launched today
“A profound transformation of the economy towards a sustainable model, reversing 30 years of financialization, is needed”
Brussels, 19 November 2015 – A coalition of civil society groups has today revealed plans for a new tool to measure the various ways that the financial system affects society. The “Citizens’ Dashboard of Finance” gathers a wide variety of stakeholders to define what society wants from finance, measure how well finance is meeting those needs and map solutions to transform the system. The prototype of the Dashboard collects indicators to show how the financial sector affects society in a variety of areas, including its contribution to the financing of climate objectives.
Finance Watch has worked with more than 20 civil society organisations representing a wide variety of societal interests to compile the Dashboard’s initial indicators, whose data tell us about some of the many and varied ways that finance affects our lives. It contains indicators of political influence, financial stability, economic contribution, social, environmental and developmental impact, and culture, among others.
Finance Watch’s Secretary General, Christophe Nijdam, said:
“I am delighted to present the first stage of this ambitious project, which reflects a wide range of citizens’ interests. Society faces profound challenges, of which the energy transition is only one. Finance can be a powerful tool for meeting these challenges, providing the model is shifted from a current focus on short-term, speculative profits to a mission to deliver long-term sustainable benefits across society.”
The Citizens’ Dashboard of Finance takes up the challenge: what if society were again in the driving seat? It proposes three steps: to define a vision, measure the gap, and propose solutions.
Finance Watch’s Head of Strategic Development, Benoît Lallemand, said:
“The post-crisis reform agenda has mostly failed to transform finance, in part due to the overwhelming influence of the financial lobby. Today we are inviting new stakeholders – civil society groups, academics, policymakers, pioneers in the economy and in the financial sector and funders – to contact us and to help us to develop and use the Dashboard as a tool for transformational change.”
The prototype of the “Citizens’ Dashboard of Finance” can be seen online here:
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