Labour MEPs want Europe’s banks to be safer and more accountable to their customers and we want bankers who value long-term stability over short-term risk. That is why Labour MEPs stood up to the banking sector, backing new laws to curb bankers’ bonuses, measures opposed by George Osborne.
Labour MEPs supported restrictions to the casino culture in the finance sector. We battled against unfettered credit default swaps and unstable speculation in commodities such as food, and we increased transparency for equity and derivatives trading. We moved to protect investors against losing everything by backing a new deposit guarantee to provide compensation for depositors if their bank goes bust.
Labour MEPs are taking on the vested interests - increasing transparency, reducing risk and challenging the culture of casino capitalism.