Date: 4th October 2017
The report by Corporate Europe Observatory (CE) on the external advisory groups to the European Central Bank (ECB) concludes that a very large proportion of its counselling on monetary policy comes from ‘representatives of some of the most influential global financial corporations’.
The news item published today by CE summarizes its report findings, drawing the attention to the fact that ‘there is a hefty industry-bias in many of these expert groups’, considering the statistics:
– 98% of available seats have been assigned to private financial institutions;
– 11% of represented entities (representing ‘financial groups, including Deutsche Bank, BNP Paribas, Societé Générale, Citigroup and Unicredit’) amount to 41% of the advisors;
– 44% of the lobbyist to the ECB are not registered in the EU Transparency Register;
– 67% of advisers represent financial corporations supervised by the ECB.