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In September 2007, UNI-Europa Finance urged that financial institutions, central banks, governments and investors address key problems laying at the basis of the emerging financial crisis. In May, it solidified 13 demands for regulation. Nothing happened!

Now is not the time for beating around the bush; nor is it the time for further window dressing.

Governments, the European Commission, central banks and regulators have to move in a determined and swift fashion, and in concert.

First of all, we need to create transparency and build up the trust in the financial system again. We have to do this quickly to avoid a collapse of the financial system, which will only lead to ever more grave consequences for the economy and society at large.

To this end:

1. Regulators must force banks and insurance companies to be transparent about all their liabilities. A piecemeal approach brings us only closer to the abyss. It beggars belief that after more than one year of crisis, still nobody can say who owes what to whom.
2. Governments and regulators must prepare contingency plans in the event that one or more of the major multinational banks or insurance companies need to be rescued. The authorities from all countries covered by any such institution must immediately begin working together. Our concern is focused in particular on the effects of such a collapse on the economies in Central and Eastern Europe.
3. Governments, the European Commission, central banks and regulators must be ready to deal with a systemic failure of financial markets in the European Union. It is not sufficient to continue to attempt to muddle through with each country jealously protecting its independence, while faced with a multinational crisis. Such a disjointed approach is wholly insufficient considering the level of financial integration throughout Europe.
4. UNI-Europa Finance hereby calls for an emergency meeting with the European Commission and other European social partners in the banking sectors – the European Banking Federation, European Association of Co-operative Banks and European Savings Bank Group. The social partners must play their pivotal part in tackling this crisis.
5. UNI-Europa Finance urges the 51 European works councils in the finance industry to organise ordinary meetings without delay to discuss the impact of the financial crisis on each respective company. Some companies, like Dexia and Fortis, have already convened meetings, whereas the majority of employers continue to avoid transparency, hence keeping people in the dark, not least its own employees – and these employees deserve better.