Europeans for Financial Reform
Encyclopedia
Europeans for Financial Reform (EFFR) is a coalition dedicated to effecting reform in the financial and banking sectors. EFFR was created in Brussels on September 21, 2009, just over a year after the collapse of Lehman Brothers
and the beginning of the financial crisis
.
EFFR is currently pursuing a campaign called "Regulate Global Finance Now!", which was also launched September 21, 2009. The goals of this campaign are to raise awareness of the need for financial reform and to get governments to do adopt following reforms:
The founding members of the coalition were the Global Progressive Forum, European Trade Union Confederation
, the Foundation for European Progressive Studies, Solidar
and UNI Global Union.
Europeans for Financial Reform is open to the membership of other NGOs, trade unions and think tanks, as well as individuals. It is not officially linked to any political party, although politicians can join the campaign as individuals. One high-profile politician involved in the campaign is former Prime Minister of Denmark Poul Nyrup Rasmussen
Europeans for Financial Reform is associated with its counterpart in the United States, Americans for Financial Reform.
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
and the beginning of the financial crisis
Financial crisis
The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these...
.
EFFR is currently pursuing a campaign called "Regulate Global Finance Now!", which was also launched September 21, 2009. The goals of this campaign are to raise awareness of the need for financial reform and to get governments to do adopt following reforms:
- To regulate speculative funds, such as hedge funds and private equity funds;
- To create a financial transaction tax;
- To regulate executive and shareholder bonus and remuneration;
- To close down tax havens;
- To protect consumers from toxic financial products and predatory lendingPredatory lendingPredatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly...
; and
- To democratise finance
The founding members of the coalition were the Global Progressive Forum, European Trade Union Confederation
European Trade Union Confederation
The European Trade Union Confederation is a trade union organization which was established in 1973 to represent workers and their national affiliates at the European level....
, the Foundation for European Progressive Studies, Solidar
Solidar
SOLIDAR is a European network of NGOs working to advance social justice in Europe and worldwide. SOLIDAR voices the concerns of its member organisations to the EU and international institutions across the policy sectors social affairs, international cooperation and lifelong learning.With 52 member...
and UNI Global Union.
Europeans for Financial Reform is open to the membership of other NGOs, trade unions and think tanks, as well as individuals. It is not officially linked to any political party, although politicians can join the campaign as individuals. One high-profile politician involved in the campaign is former Prime Minister of Denmark Poul Nyrup Rasmussen
Poul Nyrup Rasmussen
Poul Nyrup Rasmussen , informally Poul Nyrup, born 15 June 1943), was Prime Minister of Denmark from 25 January 1993 to 27 November 2001 and is currently President of the Party of European Socialists . He was the leader of the governing Social Democrats from 1992 to 2002...
Europeans for Financial Reform is associated with its counterpart in the United States, Americans for Financial Reform.