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The current reforms of the finance sector regulation was a key topic on the agenda at the UNI europa finance annual conference in Dublin. The message from delegates across Europe was that profound reforms are strongly needed to ensure a similar crisis will never recure.



"The regulatory bodies never did a real effort to avoid the crisis', said William Portelli from Malta. "The reforms of the financial regulation must ensure that sufficient powers and stronger competences are given to the regulatory and supervisory bodies".



Jane Louis from UNITE, UK, said "the crisis was due to unchecked capitalism. Banks we allowed to take huge and uncontrolled risks. The finance industry cannot oversee and regulate itself, and we as trade unions have a duty to ensure that it will now be properly regulated. This should also imply much greater union involvement at Board level".



"We need EU market regulation which regulates all and doesn’t exclude hedge funds", said Jörg Reinbrecht, from ver.di, Germany. "We need indepentdent rating agencies, independent Supervisory Boards and better representation of employees in the supervisory boards". He underlined the importance of the joint efforts of ETUC and UNI europa finance within the 'technical expert network' which work together to develop amendments to reform proposals from the Commission.



Katrine Søndergård from the UNI europa finance Brussels secretariat gave an overview of the UNI europa finance approach on regulation. The focus will be on six dossiers: The supervisory architecture, Revision of the Capital Requirements Directive and four legislative initiatives regarding sales and advice. The efforts will be related to the campaign on sales and advice and the implementation of the bottom-up approach to regulation and supervision. She strongly urged affiliates to contribute with their efforts in lobbying their own governments and their national members of the European Parliament to support the policies of UNI europa finance.



UNI europa finance vice-president Edgardo Iozia, UILCA, Italy, concluded the session: "At this point many are expressing concern. Our response is to strongly support the moves for change which we hope we can push through. Governments have a responsibility because they have gone along with what was happening and have taken up money of citizens".