New watchdog founded: Finance Watch

On Tuesday the foundation of a new European watchdog was announced: Finance Watch. The objective of Finance Watch is to strengthen the checks and balances between the various stakeholders in the political system and to give civil society a political voice in the field of financial regulation.

The foundation goes back to a call launched in June 2010 by Members of the European Parliament emanating from five different political groups. The MEPs urged to end the imbalance between the force of the financial industry and the absence of lobbying from NGOs in the financial field. 

The objectives of Finance Watch are to produce and share expertise with its members and to organise advocacy. The new watchdog is supported by almost 30 organizations such as the European consumer organization BEUC, the European Trade Union Conferderation, Friends of the Earth Europe, Oxfam and Transparency International. The aim of the founders is to start work in the summer of 2011.


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Source: MEP Sven Giegold