Finance is still the master of our economy. So the main question is:
Can we change that? Most people think you can't change finance,
that the financial sector is untouchable. This actually plays into the hands of the financial lobby
who is fighting hard to maintain the status quo.
As most beliefs that guide our lives
this one is based on perception and emotions much rather than
on reality. Three main facts here: the first one
is that the financial system we have today is not a fatality. It's not the
work of ancient gods In fact, just 35 years ago, we had a very
different financial system. It was largely a servant to the economy a
servant to society; large chunks of it were the balance sheet of governments,
strong public banks, thus with a high degree of Democratic oversight and
accountability. That system was also very stable for 40 years after World War two
there were no financial crisis. The difference between that system and the
system we have today is a set of deregulatory policies that were put in
place in the 1980s. So we know pretty much what we have to do to bring back
that sector to the service of the economy and society. The second fact is
that finance is not that dominant monster that we sometimes imagine it is
it's actually much closer to a paper tiger. It's still standing in front of us
because we saved it after the financial crisis; it's still standing in front of
us because we keep injecting central bank money into it. In fact, the main
strength of the financial sector is its workforce, the vast majority of its
employees: skilled people talented people that would much rather put that talent at the
service of the common good than exclusively on shareholder returns. So
actually that strength that workforce is on our side on the side of change.
The third fact is that there's not only one way to do finance. I said 35 years ago
the system was very different but also today we have practitioners - we call them
pioneers - ethical bankers, impact investors... who are doing finance very
differently, who are doing finance the way we need it to be done. There are
serving local communities, they are financing the transition
to zero carbon economy, they are transforming the system, from within thus
In a nutshell, the question is not "can we change finance", "how do we need to go about it"
the question is "when" and we believe that the key priority should
be to build a Citizens movement to transform finance because that's what
was missing right after the crisis when we had a short window of opportunity to
transform the financial system. So that's why we are gathering in Brussels on
4 and 5 December 2017 for the first "Change Finance" forum: Civil society movements
working on inequality, working on unemployment, working on the climate
crisis, on consumer issues and many others...because these people have
understood that as long as we have not transformed the financial sector we will
not solve these societal issues that we all care about. And that's also why we
ask you to use the hashtag #ChangeFinance, that's why we will be hosting a
"'Facebook Live" in the coming weeks to respond to your questions to continue
the dialogue. That's why we'll be in touch with you very soon again thank you
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