Donald Trump’s agressieve deregulering van de financiële sector wekt aan deze kant van de oceaan naast grote verontwaardiging ook een hoop leedvermaak. We lijken echter een blinde vlek te hebben als het gaat over schimmige financiële constructies en onverantwoordelijk beleid van onze eigen overheid.
In their series on securitization, Ewald Engelen and Anna Glasmacher fear that a revived market for the product would only fuel asset bubbles. Today, Paul Tang, member of the European Parliament for the Dutch Labour Party (PvdA), shares the other side of the story.
The securitizations saga continues. After months of negotiations, the European Union has brought out two compromise proposals, supposedly addressing concerns about public rationale and entry requirements. But do they really? Ewald Engelen and Anna Glasmacher are not impressed.
Ewald Engelen watched the livestream of last week’s hearing on the European Commision’s Capital Markets Union and concludes that Paul Tang, rapporteur on the proposal to kickstart the European market for repackaged mortages, has upped the ante after his initial response, has thereby seriously annoyed bankers and their political backers, faces an uphill battle in learning the lessons of the crisis seriously and therefore deserves all the support he can get.
Vanmiddag buigt de vaste Kamercommissie Financiën zich over de reactie van het kabinet op het plan van de Europese Commissie om een Europese kapitaalmarktunie van de grond te tillen. Columnist Ewald Engelen heeft er alvast een blik op geworpen. Dit zijn zijn bevindingen.
Ewald Engelen and Anna Glasmacher call upon members of European Parliament to wake up and block the return of bankers' paradise before it is too late. The 'Capital Markets Union' envisioned by the European Commission only reproduces the status-quo of an unsustainable financial oligopoly that sustains the few at the expense of the many.
Today European Commissioner Jonathan Hill presented his long awaited action plan for the creation of a Europe-wide Capital Markets Union in Brussels. A key plank of this Union is the attempt to resuscitate the market for securitized mortgage loans, which, due to its role in igniting the financial crisis, has been moribund since the outbreak of the crisis. The aim of the Commission is to create a new market for safe securitizations based on simple, transparent and standardized products. In the article below Ewald Engelen and Anna Glasmacher, both from the University of Amsterdam, critically discuss a draft proposal to that effect, that they have obtained through wikileaks. The authors argue that the proposal is based on faulty assumptions, is dangerous in that it furthers financialization and that it hence should be stopped.