 | |
| Formation | April 2011; 14 years ago (April 2011) |
|---|---|
| Type | Non-governmental organization |
| Purpose | Promoting soundfinancial regulation |
| Headquarters | Brussels,Belgium |
Region served | European Union |
Official language | English,French,German |
Secretary General | Benoît Lallemand |
Chair | Marek Hudon |
Vice-chair | Deepa Govindarajan Driver |
| Website | www |
Finance Watch is an independent European non-profit association that conducts research and advocacy onfinancial regulation. Finance Watch develops a public interest vision for financial reform and interacts with policymakers to bring about change. Based inBrussels, the organization focuses on financial regulation in theEuropean Union.
Finance Watch was founded in 2011 following a call bymembers of theEuropean Parliament to create a counterbalance to thefinancial lobby.[1] Its mission is "to strengthen the voice of society in the reform of financial regulation" by conducting advocacy and presenting public interest arguments to lawmakers and the public as a counterweight to the private interest lobbying of the financial industry".[2]
Finance Watch was founded on 30 June 2011 as a consequence of a petition initiated in June 2010 by 22[3] members of the European Parliament, including members of all major political groups (ALDE,EPP,Greens-EFA,GUE/NGL, andS&D). This call for action was signed by another 140 elected officials from across Europe, and led to an exploratory project funded by the initiators, which in turn resulted in the founding of the General Assembly on 30 June 2011.Ieke van den Burg, a formerMEP, was appointed chair of the board of directors andThierry Philipponnat, a former banker andAmnesty International executive in France, became the Secretary General. In January 2017, Benoît Lallemand became Secretary General.
Finance Watch advocates for reforms to stabilise and democratise markets, redirect capital toward public goods, and protect against systemic risks.
The organisation’s research team analyses financial regulation and develops policy recommendations. These views are communicated to policymakers by the advocacy team, often in collaboration with aligned member organisations. The communication team ensures the wider public is informed.
Finance Watch’s policy experts cover5 key policy areas: sustainable finance, retail and inclusion, financial stability & supervision, public finance, digital finance.
Finance Watch is an international association under Belgian law[4] (AISBL), and has two types of members: individuals and civil society organizations. The latter includeconsumer groups,trade unions,housing associations,environmental NGOs,development NGOs and others. Each member has an equal vote at the organization's general assembly. To become a member, both individuals and civil society organizations need to prove to the organization's Board of Directors that they are independent from the financial industry. Individual members also need to qualify for membership by showing they have relevant experience and expertise. The members convene at least once a year for a General Assembly. During the year, the General Assembly is represented by the board of directors. The Board comprises eight Directors including six elected by and from the General Assembly (four Member organisations and two individual Members) and two independent Directors ("external personalities").
Members of the Finance Watch board of directors (as of May 2024):[5]
The organization's budget has as its main sources project funding from theEuropean Union and grants from severalcharitable foundations as well as individual donations and members' fees and contributions.
The declared mission of Finance Watch is "to strengthen the voice of society in the reform of financial regulation by conducting advocacy and presenting public interest arguments to lawmakers and the public as a counterweight to the private interest lobbying of the financial industry".
The organization states it follows six principles[6] in the pursuit of this mission:
Finance Watch has national partners in Germany (Bürgerbewegung Finanzwende, headed byGerhard Schick)[7] and France.[8]
