PRESS RELEASE
from CORPORATE EUROPE OBSERVATORY
THIRD OF TOP STAFF AT EU COMMISSION’S FINANCIAL REGULATOR CAME FROM OR
WENT INTO INDUSTRY
TEN YEARS AFTER THE START OF THE FINANCIAL CRISIS, THE REVOLVING DOOR
CONTINUES TO SWING BOTH WAYS AT THE EUROPEAN COMMISSION DIRECTORATE
RESPONSIBLE FOR FINANCIAL REGULATION, NEW RESEARCH [1] REVEALS. CLOSE TO A
DECADE AFTER THE START OF THE CRISIS, THE EU’S MAIN FINANCIAL LEGISLATOR
STILL HAS A SIZEABLE REVOLVING-DOOR PROBLEM.
A new study [1] co-authored by political scientist Yiorgos Vassalos and
Corporate Europe Observatory shows that a third of the people who occupied
top positions at the European Commission's Directorate-General for
Financial Stability, Financial Services and Capital Markets Union (DG
FISMA) between 2008-2017 either came from the financial industry or went on
to work there after leaving the Commission.
THE RESEARCH ALSO FOUND THAT:
*
Four of the five former directors who headed DG FISMA at some point between
2008-17 and since left the Commission have gone on to work for financial
industry companies they once oversaw, or lobby firms which represent these
companies.
*
One of the three heads of unit who worked at DG FISMA between 2008 and 2017
and since left the Commission went on to work for the financial industry.
*
Six and seven of a total of respectively twenty-seven heads of unit and
twenty-two deputy heads of unit at DG FISMA during this period had worked
for the financial industry in the past.
*
Two of the three Commissioners responsible for finance between 2008-17 went
on to work for financial interests following the end of their mandate.
Weeks after the European Ombudsman issued a scathing critique of the
Commission's handling of revolving door cases of ex-commissioners like that
of former Commission President Barroso, this research [1] further
highlights the bias in yet another EU department's working culture, which
could benefit the financial industry actors it is meant to regulate.
STUDY CO-AUTHOR YIORGOS VASSALOS SAID OF THE FINDINGS:
"The revolving-door culture at DG FISMA means many of the department's top
officials may not have the necessary distance from and neutrality towards
the entities they are supposed to regulate.
"When promoting public-interest regulation could impinge on personal career
prospects in the sector, the risk of undue sympathy for the industry's
vested interests is high. At the same time, DG FISMA's frequent recruitment
of staff from banking industry actors may well contribute to a
pro-corporate bias at the EU department."
CORPORATE EUROPE OBSERVATORY’S ETHICS CAMPAIGNER MARGARIDA SILVA ADDED:
" The Commission rules for mitigating potential conflicts of interest have
failed to stem the tide of recent revolving-door cases and must urgently be
strengthened. Despite the devil-may-care moves of ex-commissioners and even
ex-presidents of the Commission into industry jobs, the Commission still
refuses to recognise its revolving-door problem as a systemic cultural
issue."
"The notion that a move from a regulatory body into the regulated industry
is a perfectly logical career progression must be shattered once and for
all."
CONTACT:
Margarida Silva, Transparency and Ethics Campaigner, Corporate Europe
Observatory, margar...@corporateeurope.org, +32 28930930
Yiorgos Vassalos, vassa...@unistra.fr
NOTES TO EDITORS:
*
Read the full analysis of the revolving door moves [1] in the top ranks of
the European Commission's Directorate-General for Financial Stability,
Financial Services and Capital Markets Union (DG FISMA).
*
Yiorgos Vassalos is a PhD candidate in political science at the University
of Strasbourg and a teaching assistant at the University of Lille.
Previously, Yiorgos was a researcher at Corporate Europe Observatory.
*
Methods:
*
The above mentioned third of all DG FISMA top staff refers to 19 of 61 top
officials who served between 2008 and 2017: 12 Director-Generals, Deputy
Director-Generals, and Directors on finance, 27 Heads of Units and 22
Deputy Heads of Units.
*
We also looked at the three Commissioners responsible for financial
regulation in this period and six anecdotal cases of DG FISMA policy
officers. This makes a total of 70 individuals of which 31 have gone
through the revolving door and of which 29 have worked or are currently
representingof the interests of financial industry actors.
Links:
------
[1]
http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1332&qid=178995
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