Finance has never been considered as much important as during the last years following the Lehman Brothers’ fall . The term ethical finance started to be purposed and spread. An example of ethic finance may be represented by Islamic finance, based on Sha’aria’s principles and focused on avoiding the use of capitals for mere gain, but rather for direct economic investments. In the Eurozone, many protest movements consider the financial industry as a reality that is heavily profiting of the widespread crisis. In any case, every industry requires a certain degree of regulation and here comes the role of Finance Watch.
Finance Watch is an independent and non profit organization, originated by an initial group of 22 European MEPS and their call for action. The Secretary General of the organization is Thierry Philipponnat, with a background in economy, finance and Amnesty International. The organization is based in Brussels, near to the European Parliament; the location is not casual at all, as long as like it’s underlined in the documentary The Brussels Business, Brussels is the world’ second major seat of lobbies, after Washington D.C.
The quest of the organization is summarized in its motto “make finance serve society” and consider as fundamental for its vision realization’s passages such as a banking system not based on moral hazard and the reduction of the costs of the intermediation by the financial industry.
One of the key challenges in the European future is the one of analyzing finance and its role in the future of the Eurozone. It would be important to follow the evolutions of Finance Watch’s projects and their results in the future.
If you want to have a deeper understanding of Finance Watch’s results you can have a look at the Finance Watch Annual Report 2011-2012.