Corporate lobbyists dominate ECB
7 October, 2017
Advisory groups in the ECB are used as lobby platforms by the financial industry, according to Corporate Europe Observatory's latest report published last week. “Open door for forces of finance at the ECB” reveals that the advisory groups counselling the bank have become largely dominated by representatives of some of the most influential global financial corporations. “The industry bias across the ECB's advisory groups is the worst we have seen at any of the EU institutions so far,” financial policy researcher Kenneth Haar said.
The report unveils that 508 of 517 available seats across all groups have been assigned to representatives of private financial institutions. More than 98% of advisers are therefore providing expertise with a touch of corporate spin. Among the most-well represented finance industry actors are the German Deutsche Bank and Commerzbank, French BNP Paribas, Societe Generale, Credit Agricole, Italian UniCredit and Intesa Sanpaolo, as well as Spanish Santander and US Citibank. All these banks, along with 56 other institutions represented in the advisory groups, are supervised by the ECB.