Rules for revolving doors must be followed

Rules for revolving doors must be followed

The latest case of an EU banking official taking a lobbying job in the financial sector underscores the need to uphold rules to prevent revolving doors, write Luis Garicano and Paul Tang. Luis Garicano and Paul Tang are MEPs for Renew Europe and the Socialist and Democrat group A key lesson of the Financial Crisis was that the “capture” of regulators by financial sector players costs taxpayers dearly. Prior to the crisis, banks were able to lobby governments to avoid necessary regulation. During and after the crisis, they were allowed…

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