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Translation of part of the article published in Einblick on 21.1.2011 - please also consult the German article which gives much more information.



Trade unions have long demanded legislation for stronger regulation of the financial markets. Beate Mensch, member of the Ver.di Executive Committee, urged the company boards to put an end to the "culture of excesses". In addition to introducing a Financial Transaction Tax and curbing speculation there is also a "need for limiting the size of financial institutes and for establishing a public European rating agency in order to avoid jeopardizing whole economies", she said.



She further stressed that is not acceptable that bank workers who are themselves victims of the financial crisis are being held responsible for the behaviour of the management committees. These workers as other citizens have to dig deep in their pockets to contribute to the bailout of the European business market. Through sales performance control systems these employees with advisory functions are pushed to become sales persons.



(Source: Article Einblick:21.11.2011)