Protest movements to promote a radical reform of EU financial legislation in favour of Europe’s small citizen savers have taken off in Europe with a gathering in the European Parliament, at the BETTER FINANCE Conference, where high-level members of the financial circles argued that it is high time to bring in appropriate reforms.
At the meeting, which included citizen saver-investors, from across Europe, the savers found that their long expressed pleas for fair dealings were finally being listened to. The needs for their interests to be heard were at last “coming off the back burner”, to use the words of one of the conference organisers, Guillaume Prache.
At the conference, the basic story was described by a leading financial member of the European Parliament, Pervenche Berès. The MEP used the simile of a house on fire to represent financial crisis. When that broke out, in 2007 (not 2008, she emphasied) with the discovery that the banks were exposed to unsustainable liabilities, the financial authorities had to react with emergency action to put out the fire.
Please read BETTER FINANCE's press release here.