News

Europe continues to face a triple financial, economic and social crisis. The resolution of the crisis in the banking sector is urgent to enable recovery to take place. UNI Europa Finance and its affiliated unions, representing the workers in the finance industry, are faced with a once in a generation opportunity to work together to rebuild trust and a finance sector that serves all stakeholders. We see no prospect of broader economic recovery with the continuation of the current process of austerity.



The austerity measures have been detrimental to the real economy, and are deepening the crisis. Austerity has lead to stagnation, recession and widespread social hardship. A new economic course is required where the finance sector serves the real economy and broader economic recovery.



The financial services sector must now work with all stakeholder and unions to build a new sustainable and ethical financial model. We, as trade unionists, accept this responsibility and will stand up for the rights of finance employees and European citizens.



The “Etats Généraux, an emergency session of the finance sector, gathered key trade union leaders from all over Europe to address the current financial, economic and social crisis that has had such a destructive impact on European workers and their families.



Participants called for a new vision for the European financial system, and agreed that it is vital to have the voice and active support of the unions in the sector. It was felt that business as usual would not work and that a new European Banking Union should be created, as we move closer to further economic and financial integration.



A new Banking union will give the ECB new powers to supervise the 6000 banks in Europe, this in cooperation with national supervisory authorities. A new European financial supervisory architecture is being constructed. Today we, the finance unions of Europe, demand urgent talks with the ECB to discuss the practical impact of these changes and to ensure that unions have a seat on the table.



We are concerned that neither the EBA nor the ECB have the capacity to deal with their new responsibilities. This needs to be urgently addressed to implement the necessary banking reforms.

We also demand a social dialogue with the ECB, as its decisions have a direct impact on the jobs and lives of millions of European bank staff.

To achieve a radical change, it is necessary to build a sustainable financial system, which is able to meet the needs of the current generations without compromising the future. Expecting a 15% rate of return on equity when the economy is stagnating and environmental resources are being depleted is clearly not sustainable,



We need to strike a fine balance between growth and financial stability through the creation and protection of jobs and decent levels of salaries – not only in the Finance sector but across all sectors and throughout Europe. 26 million people are unemployed, which means 11% of the European work force. In Greece, Portugal and Spain, the youth unemployment rate is 25%, 40% and 50%; in Greece, it is even 62% for young women. Job losses in the financial sector have been significant, and workers are under enormous pressure to ensure that companies make a short-time profit. Since 2008 at least 300.000 jobs have been lost in the finance sector in 18 countries, whilst at same time large companies have still been making enormous profits.



We need to see a change in thinking and action, from a focus on short term profit towards a long-term focus on sustainable development. Finance should serve society and its citizens, not the other way around.



The participants call on the European Union to speed up the decision making process to adopt and implement the legislations currently proposed. The EU should also work at the international level towards a better global regulation,, levelling off the playground for all financial actors around the world.



The trade union movement will fight for alternative solutions to build a new and sustainable financial system in the future, which will respect both people and the planet.



UNI Europa Finance will take action around the key issues that affect us all, including regulation, organizing workers in multinationals, social dialogue, European Work Councils, and Sales & Advice. It is time for stronger negotiations with multinational and national companies, employers’ associations and other counterparts, giving a strong answer to the current attack on collective bargaining.



UNI Europa Finance will also play a crucial role to ensure that the issues of the financial sector are part of the public debate, involving various stakeholders, the media and the European citizens.