"Politico" reports a "mysterious lobbying group" based in France that has access to leading Commissioners and EU politicians influencing economical decisions. The group pays for their stays in elegant hotels, where Eurocrats meet with corporate heads to discuss financial regulation behind closed doors.
We are talking about the think tank of Eurofi, which raised around EUR 6 million from associate States' contributions. In exchange for a fee of around €50,000, the heads of corporations have access to meetings with Eurocrats behind closed doors.
It is presently 1 of the largest lobbying groups in the EU, although it employs only 3 full-time employees.
Twice a year, it organises "extravagant lobbying in the run-up to the EU Finance Ministers meeting, which attracts top-ranking European officials, central bankers and financial sector people".
Some Eurocrats revealed that Eurofi paid for their stays in elegant hotels and reimbursed travel expenses. Membership fees included major banks, stock exchanges and technology giants, funds including BlackRock, Goldman Sachs and American Express.
‘Politico’ points out that ‘although there is no offence, this situation raises concerns about the nature of lobbying in the EU: who pays, how much it pays, and what proceeds are bought for money’.
In fresh years, the financial sector has achieved softer regulation for banks and insurers, despite demands for a more restrictive policy.
Eurofi maintains that it does not represent the interests of the financial sector, but only provides a platform for discussion on financial matters.
Think tank is portrayed as 1 of the leading lobbying institutions in the EU, just behind Google and Apple, which have invested immense resources in influencing Brussels politics. It brings together over 100 financial entities. In 2020, it had EUR 3.9 million. By 2023, this was almost EUR 6 million.
A gathering is scheduled to take place this period in Budapest, where the most crucial persons liable for financial regulation are elected, including the president of the French central bank François Villeroya de Galhau, president of the European Investment Bank Nadia Calviño and Vice-President of the European Commission Valdis Dombrovskis.
Think tank was created on the initiative of erstwhile president of the French central bank Jacques de Larosière, who had ties to the EU Council Presidency. The organization is headed by David Wright, a erstwhile British authoritative of the EU, and is headed by Frenchman Didier Cahen all day.
‘Politico’ adds that the conferences are attended by lobbyists, regulators, officials and diplomats, and panels and debates are conducted only by men. Meetings are held “all behind closed doors”.
However, the group publishes reports and meetings reports on its website, including guest speeches. For example, in 2020, participants addressed the issues of accelerating digitalisation, implementing Agenda 2030, banking regulations, the digital euro, financial stability, climate risks, etc.
Consideration was given to improving the EU's global economical competitiveness and strategical autonomy in economical and financial areas, to foster long-term investment in the alleged green and digital transformation of the EU.
German Eurocrat Markus Ferber, French Euro MP Stéphanie Yon-Courtin, Dutch legislator Paul Tang and Spanish Euro MP Jonás Fernández revealed that Eurofi paid for their stays in luxury hotels and covered part of the journey to events from 2021 to 1923.
Source: politicalo.eu, eurofi.net
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