Molly Scott Cato has been an active MEP for a week, and she’s already hitting the news, having got involved in European banking issues. Green MEPs have been working for some time to make the banking system fairer. Rather than banks being able to assume that tax payers will just bail them out if their gambling goes wrong, European Greens have been working for a system where riskier outfits have to put some money in the pot. As it stands, we the public are bearing all the risk – and the consequence, in the form of crushing austerity measures, but we see none of the benefits. Why should the poorest be made to suffer so as to underwrite the gambling of the affluent?
You can read more about it here.
However, it looks like the Commission has been persuaded to bow to the demands of the bankers. This would be a failure of democracy, putting the profits of the few ahead of the needs of the many. It’s not over yet. If enough of us protest, perhaps the Commission can be persuaded to stand up for people, not profits. You can read more here http://www.stop-bank-subsidies.eu/ and find out how to get involved.