News

Since the financial crisis UNI Global Union has engaged widely with key decision makers, from the G20 to the Financial Stability Board to seek improvements in financial regulation. We recognise that we need to build a broader base for the reform push as the finance industry fight back is for a ‘business as usual’ approach.



UNI Global Union is pleased to inform you that our work to bring about reform of financial markets is entering a new phase. We are joining together with other organisations from the Global Progressive Forum, International Trade Union Confederation, Trade Union Advisory Committee to the OECD, European Trade Union Confederation, Party of European Socialists, Socialist and Democrats Group, Solidar, Foundations of European Progressive Studies and Global Progressive Youth Forum.



The campaign is a joint effort between Europe and an established alliance of over 80 organisations in ‘Americans for Financial reform’ including many UNI US affiliates. The idea is to build a transatlantic alliance for financial reform. The campaign has a dual approach in the two regions to be able to take a common approach to legislators on national financial legislative proposals, while advocating for a global approach to reform. UNI Global Union will be represented on the steering committee for developing the European focus of the campaign.



UNI Finance, UNI Europa Finance, and UNI Private Equity are supporting this campaign for financial reform. We will keep you informed of all progress. At the present time, a campaign strategy is being drawn up and the details are being worked through. We expect this to be an active grass roots and public campaign. In the EU, we will need to build a coalition of national and state organisations to support our model of financial reform. This is a matter of urgency, as the Swedish Presidency of the European Council has promised to place this item as a priority. The hedge fund and private equity lobby are working at full strength in Europe against any serious regulation.



The 6 key themes to highlight for reforming the financial system are:

• At the service of the real economy and jobs. Put new rules in the system.
• Bring global finance out of the shadows by restoring publicly accountable authority over global finance.
• Our Fair Share: control executive and shareholder remuneration and ensure decent salaries for workers.
• Protect public finances… Make Tax Work.
• Consumers have the right to good advice and must be protected against toxic financial products. Working families should be protected against predatory lending.
• Bring banks back to basics.

These themes will be crafted to best resonate with the general public.



Bold action is needed now by progressive leaders on both sides of the Atlantic to repair our broken financial system in a way that benefits all segments of our communities.



At this stage in the campaign we are asking for people to register to be kept informed on this campaign. Please register your support by replying to Gabrielle Lynch at Gabrielle.lynch@uniglobalunion.org and nominating a contact person and contact details.



UNI Europa and UNI Europa Finance are coordinating a legislative response to proposed financial reform in Europe. This group will work closely with the ETUC and other international trade union organizations to formulate a joint response to the European authorities. Work for the group will start in September.



UNI’s comprehensive work in UNI Finance and UNI Private Equity continues in the myriad of activities we are involved in. This campaign complements our efforts to achieve a better financial system where workers are recognised as an important part of the system.







Philip J. Jennings

General Secretary

UNI Global Union