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economy and finance

Regulating financial markets

Part of the crisis Europe is going through directly results from decades of financial deregulation.

Financial markets & economic crisis

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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.

When the risky trading operations eventually turned bad, the speculative bubble burst, first in the US, spreading then to Europe and the rest of the world.

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.

The PES is part of the coalition Europeans for Financial Reform (EFFR) that aims at regulating the financial sector and making sure it works for all citizens.

Financial Transaction Tax

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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. 

The Commission will now make a proposal defining the substance of the enhanced cooperation, which will have to be adopted by unanimous agreement of the participating Member States before the FTT is implemented.

European Credit Rating Agency 

In order to tame financial markets, the PES is also actively campaigning with EFFR for a European Credit Rating Agency.


What we are fighting for
Read the PES Common Manifesto for the European Elections 2014

Our Campaigns


In some countries as many as one young person out of two cannot find a job. We are calling for a European Youth Guarantee as a way to tackle youth unemployment.



Campaign info

5.7 million young people are currently unemployed in Europe and an additional 1.5 million are forced into precarious jobs. In some countries as many as one young person out of two cannot find a job.

The campaign “Your future is my future – a European Youth Guarantee now” is calling for a European Youth Guarantee as a way to tackle youth unemployment.

Campaign Material

  • Toolkit (EN)
  • PES guide on youth guarantee (EN)
  • PES appeal for a European Youth Guarantee (EN), (FR)
  • PES report: Combating Youth Unemployment (EN), (FR), (ES)
  • Factsheet on Youth Unemployment among Women (EN)
  • Campaign flyer (EN), (FR), (DE), (ES), (NL), (PT), (HU)

Campaign Video

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