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Under the joint parole "Regulate Finance Now", key organisations of the new campaign coalition Europeans for Financial Reform presented today its project and mission for the coming months and years of financial market regulation reform.



The campaign “Regulate Global Finance Now!” will dedicate its efforts to put pressure on the Swedish Presidency and EU Member states to push on with financial reform and on the G20 governments to show in Pittsburgh the political will required for the fundamental re-shaping of global finance.



Poul Nyrup Rasmussen, co-chair of the Global Progressive Forum and instigator of the coalition, said “this coalition is extremely important and must work to ensure that financial markets are regulated as well as is humanly possible, so that global society will never again experience such a devastating financial and economic crisis”.



“Banks are already back to ‘business as usual’. The Swedish Presidency signals a watering down of the directive proposal regulating hedge funds and private equity. There is a lot to do and an important role to play for Europeans for Financial Reform. We must ensure that the finance sector is the servant of the real economy, not its master”, he said.



UNI Europa Regional Secretary, Bernadette Ségol, said “the business culture and business practices in companies must be changed. The underlying principle must be that these practices ensure the long-term sustainability and profitability of a company and decrease systemic risks in the finance industry. Therefore workers in the sector must be given the right incentives and not just encouraged to sell products at any cost”.



“It is essential that finance workers, with their knowledge of what is going on internally in the companies, are be provided the opportunity to transfer this knowledge to the supervisors of the sector so that risk assessments are not only based on information from company management”, said Bernadette Ségol.



Europeans For Financial Reform is a coalition of progressive forces, ranging from NGOs to trade unions, citizens, academics and progressive politicians, who have joined forces to spearhead a campaign for real reform in our banking and financial system.



Together with the alliance Americans for Financial Reform, Europeans for Financial Reform builts a transatlantic alliance for global financial reform.



The Europeans For Financial Reform’s pledges are:



1. Financial Markets cannot govern us!

Establish democratic governance over financial markets.

Regulate all financial players; regulate bonuses!



2. Out of the shadows!

Transparency in the whole system, the touchstone of accountability.



3. Workers first!

Protect workers and jobs from predatory practices.



4. Make Tax work!

Protect public finances, shut down tax havens.



5. Stop speculation!

Sustainable finance for sustainable jobs, and Financial Transaction Tax.



6. Responsible banking for households and businesses!

Banks need to serve customers and support businesses.



The web site of Europeans for Financial Reform http://europeansforfinancialreform.org/home or www.financialreform.eu