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Briefing financial sector for ATTAC-ers

Briefing financial sector for ATTAC-ers

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M. Vander Stichele

1 juni 2004

The financial industry plays an important role in financial crises and globalisation but is difficult to analyse. However, liberalization of financial services and expansion of the financial industry are major objectives of the GATS negotiations. In the SOMO report ‘critical issues in the financial industry’, chapter 6 explains how developing countries face many risks of financial instability and increasing poverty as a result of the current GATS negotiations. In other parts of the SOMO report, Myriam vander Stichele, critically analyses the products, strategies, corporate social responsibility initiatives and international regulators of the financial industry. This report wants to help social movements to monitor and discuss these crucial but difficult issues. Some findings of interest for members of ATTAC and other social movements are shortly outlined.