Part of the crisis Europe is going through directly results from decades of financial deregulation.
Financial markets & economic crisis
Companies working with financial markets – banks, hedge funds, insurances – were allowed to do whatever they saw fit to raise their shareholders’ revenues. This included trading in very risky operations that were however considered extremely safe investments by the authorities in the matter: the rating agencies.
Europeans for Financial Reform
In order to prevent future crises, the financial sector needs to be properly regulated. The last decades have shown that markets are not capable of self-regulation and how this can seriously affect tax-payers.
Financial Transaction Tax
After a four-year campaign, EFFR organizations have succeeded in putting a Financial Transaction Tax (FTT) on the EU agenda.
Last December, the European Parliament has voted by an overwhelming majority in favour of an "enhanced cooperation" on an FTT. On 22 January 2013 the Council adopted a decision authorising eleven member states to proceed with the introduction of the FTT: Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
European Credit Rating Agency
In order to tame financial markets, the PES is also actively campaigning with EFFR for a European Credit Rating Agency.