The European Venue for Green Ideas

Taming the Giant – Towards a Sustainable Financial System

How to create a financial system that helps, not destroys, the real economy? Seven years on from the financial crisis that heralded the great recession, this question remains unresolved. The 7th edition of the Green European Journal addresses the issue, highlights some Green ideas and shines a spotlight on the lobbying might that is working to prevent change.

Europe is still reeling from the financial crisis that began in 2007. Many economies remain heavily indebted, unemployment is unacceptably high and public services are continuing to be cut back. All the while, many in the financial sector wish to return to business-as-usual, accepting no responsibility for what happened.

Articles in this edition

01.01.2014
Let’s Tame the Giant!

The lessons of the last crisis always seem to be forgotten, and the financial world continues to grow and pose a risk to economy and planet. We Greens must marshal all our energy and ideas to reign it in.

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01.01.2014
Towards a Green Economic and Financial System

The topic of greening the economic and financial system is broad and daunting. However breaking it down into a few key questions can highlight the steps that we as Greens must urgently take to reign in the financial industry.

EN
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01.01.2014
The Carbon Bubble: The Real Threat to the Financial System

Over the past decades, markets have invested in damaging industries such as fossil fuels and financial speculation. This has contributed to unsustainable development, and may well be creating an enormous ‘carbon bubble’. However, there are steps we can take to stop this bubble turning into another subprime-style crisis.

EN
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01.01.2014
The Financial Crisis Heralds the Need for a Deep Ecological Transition

In the dismal reality of the deepening financial crisis in the European Union, exploiting the natural environment is seen by troubled member states as a quick-fix solution for rapid economic recovery. Following decades of massive spending on an unsustainable economic and development model, the EU’s policy response is essentially a recipe for a much deeper and longer-term environmental crisis.

EN
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01.01.2014
Debt, The Whole History

An interview with David Graeber, who was in Brussels last October at the invitation of the Committee for the Cancellation of Third World Debt to present the translation of his latest book: Debt, The First 5,000 Years.

EN
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01.01.2014
Life and Debt

The ongoing crisis, caused by excessive global debt, saw only financial institutions being protected. For life to come before debt we need to build an alternative to this out-of-control financial system.

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01.01.2014
Positive Money: How to Fix the Creation of Money?

In Autumn 2013 the Green Party of England and Wales voted to adopt a motion that would remove the power of banks to create money, and return that power to a democratically accountable part of the state. But what is money?

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01.01.2014
Debt and Financialisation: The Portuguese Example

The idea that the peripheral countries were the authors of their own destruction continues to exist at European level. However a closer examination of the facts shows this is not the case, and an urgent reprioritisation of EU policies is needed.

EN
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01.01.2014
Financing a Green Industrial Transformation

If we want to put finance on a leash with smart regulation, Greens must take the wind out of their opponent’s sails by having policies that simultaneously unleash finance and restore lending into the real economy and, above all, into a green industrial transformation.

EN
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01.01.2014
Tax Havens Jeopardise the Stability of the Financial Markets

The analysis and publication by journalists of previously confidential data from known tax havens – widely known as “Offshore Leaks” – has excited media interest around the world.

EN
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01.01.2014
EU Financial Reforms: An Unfinished Business

While progress towards a more resilient financial system has undoubtedly been achieved at EU level, it remains nonetheless much too incomplete. The challenge is all the more significant as our system, more than ever, remains dominated by banks that are too big or too interconnected to fail and therefore too dangerous to exist.

EN
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01.01.2014
Green Struggles and Victories Against the Mainstream Orthodoxy

An interview with Philippe Lamberts, Green MEP and member of the Committee for Economic and Monetary Affairs, who along with his colleague Sven Giegold, is one of the main actors in the struggle against mainstream financial orthodoxy.

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01.01.2014
The Wrong Pheonix Rising

It is no secret that the lobbying might of financial institutions has shaped regulatory rules at national, European and global level. But did the disaster of the 2007 financial crisis change this? The honest answer is that the old institutions are still up to their old tricks, and a change in how we make policy is needed if we are to avoid a repeat of the crisis.

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