News

At a meeting in the European Economic and Social Committee, Commissioner Barnier agreed with UNI Europa Finance President, Edgardo Iozia, that the recently established Expert Group on Banking Issues (GEBI) is too dominated by Industry representatives. Of the 50 seats in the Expert Group (including observers), five are independent researchers, two are consumer representatives, one represents the finance trade unions and the rest of the members come from the finance industry.



UNI Europa, as well as the ETUC, has raised the issue in letters to the Commissioner. When met with the request by Edgardo Iozia in the European Economic and Social Committee meeting, Commissioner Barnier promised that the Expert Group would be completed by more civil society organisation to ensure a more balanced composititon of the Group.



"This is good news", says Iozia. "It is self-evident that the architects of the reform of financial regulation should not solely come from the same institutions who led us into this devastating crisis. Civil society organisations - trade unions, consumers, investors etc. - have a great stake in this and a common interest in a long-term sustainable finance industry", he says.