Time for EU to shed light on Big Corporates
Opinion
by Jana Mittermaier, director of Transparency International's EU liaison office in Brussels, Belgium – 12 July 2012
In the dark days of the financial crisis, as credit markets froze around the world amidst uncertainty and confusion, one thing at least was clear. The global financial sector had become interconnected as never before.
In the 19th century, it was said that: "When France sneezes, the rest of Europe catches a cold." In the early 21st century, when Citibank, Goldman Sachs or JPMorgan Chase, cough and splutter, the whole world reaches for the aspirin bottle.
The impact of the failure of these firms beyond their home jurisdictions is apparent for anyone to see.
When it comes to assessing the positive contributions of these global giants to the welfare of citizens around the world, the answer is altogether less clear.
