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European civil society organises in response to the global financial crisis

09 January 2009

The global financial crisis that erupted in 2008 will have dramatic consequences for all countries during 2009 and beyond. The impacts will be economic, social, environmental and political. The developing world, which is a victim rather than a cause of this crisis, has been marginalised in many of the discussions to date, but is now becoming very directly affected.

The “laissez faire” approach that has dominated finance and the global economy in the last 30 years has shown its limits and many voices call now for a new global paradigm based on democracy, fair re-distribution of wealth, stability and solidarity.

An important first step was started with the G-20 Washington summit in November 2008 by acknowledging the need to include Southern countries in the global governance system but the outgoing neoliberal US administration hosting that summit did not open much space for substantive change in terms of commitments. The next G-20 meeting will take place in London on 2 April 2009. This will be the first high level summit on this issue with the new US president and opportunities for change are now higher. Strong measures must be taken now by world leaders not just to deal with the symptoms but also the causes of the crisis.

In preparation of the G20 summit in London Eurodad and a number of other European networks and European trade unions have launched a process to organise joint strategies and mobilisation efforts. The co-organisers are: Eurodad, European Attac Network, Euromarches, European Coordination Via Campesina, Friends of the Earth Europe, European Network on Finance and Development, S2B-Network and the European Network for Public Services.

This process will start in Paris this weekend, with a cross network meeting gathering more than 130 CSO representatives from across Europe. The meeting will analyse the causes and major social and environmental consequences of the crisis and the main challenges and opportunities for change, including the financial system and the trade and regulatory framework.

A specific focus will be on Europe’s responsibilities and responses and CSOs.  Among the papers discussed will be a forthcoming joint study on European Union financial regulation. This study, by Eurodad, WEED, the Bretton Woods Project and CRBM explains how European Union financial regulation processes work, which institutions and committees are responsible for what, and which lobbies achieve particular influence. The study will be published later in January, complete with recommendations for change.

Eurodad will publish the outcomes of the Paris coordination meeting and further information leading up to the G-20. For more details please contact Marta Ruiz at: mruiz@eurodad.org