In a way to counterbalance lobbying by the finance sector a new European organization was recently created - Finance Watch is backed by more than 40 organisations, namely trade unions, NGO’s, consumer groups, and also individual members as MEP’s.

The organization that adopted the mission of serving the society trough the representation of the public interest in the reform of financial regulations elected yesterday its first board and secretary general at a General Meeting in Brussels.

The newly designated secretary-general, Thierry Philipponat, alleged that Finance Watch wants to aid creating legislation on stricter capital rules and regulation of failing banks in Europe.

On a last year directive about IMF, MEPs complained about suffering a big pressure from private sector and having 190 meetings about hedge funds and private interests but none about financial regulation or the public sector, thus they’ve made a public appeal for offsetting voices that could represent the views of customers and ordinary citizens.

Finance Watch budget will come from members, foundations and the public, and the secretary general advanced that half of it could come from the European Commission.

Finance Watch members’ include European Consumers’ Organisation (BEUC), the Fédération Européenne des Epargnants (EuroInvestors), the European Trade Union Confederation (ETUC), the Centre for Banking, Finance and Sustainable Development at the University of Southampton, the Nordic Financial Unions, Transparency International, Oxfam, Friends of the Earth, and some individual members such as GUE/NGL Economic Committee MEP’s Miguel Portas and Jurgen Klute.