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 Full text 
Thursday, 16 January 2020 - Strasbourg Provisional edition

Institutions and bodies in the Economic and Monetary Union: Preventing post-public employment conflicts of interest (debate)

  Luis Garicano, on behalf of the Renew Group. – Madam President, during the financial crisis, we learned that the excessive closeness between the regulators and the regulated – the banks, the financial sector – can have a real cost to taxpayers. We’re not talking about vague ethical standards without implications, we’re talking about rules that actually matter to the taxpayers. Why? Because if those who are setting the rules are actually not setting the rules for the taxpayers, but they are setting the rules for the system, because they’re hoping to go back to the financial system, etc., what we end up is with rules that are actually not working, with rules that lead to bailouts and with rules that lead to taxpayers footing the bill. The favourite bet of investors is one where heads they win, tails the taxpayers lose. That’s why this case is so important, and that’s why Parliament is sending a very loud and clear message.

I congratulate my colleagues from all the four main parties – Mr Tang, Ms Tingali, Chair of the Committee, Mr Ferber, Mr Giegold – on coming together and passing already a resolution on this case unanimously, the entire Parliament. We are continuing working on building and maintaining these boundaries between regulators and those who are regulated. This case goes beyond any conception of those boundaries. It basically makes a laughing stock of those Staff Regulations you mentioned, Mr Commissioner, and it basically means, well you know, if you want to ignore those rules and go around them, then you may. That’s why Parliament has taken such a decisive action. We don’t take this this problem lightly. We will be policing and monitoring in the future that the Staff Regulations are maintained and enforced. That ethical body you proposed, Mr Commissioner, seems like a good idea. Anything that can make this work, this prohibition and these boundaries between the two sides of the wall work, and we think that that’s to the benefit of our economies, our citizens our taxpayers.

Last updated: 7 February 2020Legal notice