Dennis de Jong unveils proposals for European approach to problem of speculators

1 September 2011

Dennis de Jong unveils proposals for European approach to problem of speculators

SP Euro-MP Dennis de Jong will today attend a showing of the documentary film 'Inside Job' to unveil a number of proposals for ways in which the EU could deal with speculators. ‘The film shows how in the US also the speculators who caused the crisis continue to have a great deal of influence over the government,’ De Jong explains. ‘The same goes for Europe. Even the recently established European supervisory bodies turn out to be under the influence of the financial lobby. So it’s high time to launch a real attack on casino capitalism. My proposals would limit the influence of the financial lobby in Brussels and are aimed also at putting restraints on speculative behaviour.'

Dennis de JongDuring this year three new European supervisory organisations have been established, with the aim of monitoring the financial system. These institutions should operate independently of the banks, but lean rather too heavily on advice from bankers and speculators. In four groups whose purpose is to advise these supervisory bodies, in which a total of 120 experts participate, only thirteen of them represent consumer bodies, according to a letter to the bodies affected sent by one such group, EuroInvestors, which is now preparing a formal complaint to the Ombudsman.

De Jong will shortly present his proposals to the European Commission. In the European Parliament he hopes to make contact with a group of like-minded MEPs in order to ensure the proposals’ successful adoption.

Download the "European action plan against speculation" (PDF)

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