The difficult role of consumer groups in the shaping of financial regulation
Although European financial regulation directly affects citizens as consumers, it is only to a limited extent exposed to public debate. There has also been widespread criticism that European regulators were too close to the financial sector, both before and after the financial crisis. The EU introduced permanent advisory councils, so-called Stakeholder Groups, to include more diversified societal interests in the shaping of new regulation. Despite these efforts, Bastiaan Redert finds that the instrument largely disadvantaged consumer interests over the financial industry rather than ensuring truly balanced information.
Post-Crisis Democracy in Europe blog, 20 April 2020
The Charging Bull statue in New York City financial district symbolizes aggressive financial optimism and prosperity (photo: nuria mpascua | Flickr)