Bury Green Party

Newly elected Green MEP Dr Molly Scott Cato for the South West launches a new Website on banking

25 November 2014

An economist, Dr Molly Scott Cato who sits on the Parliament's Economic and Monetary Committee raised the issue of the recent stress tests on European Banks in her speech to the Parliamentary plenary session in Strasburg today.

She said: " While the recent stress tests of European banks have shone the spotlight on some of the weakest sections of the banking sector, this should not divert attention from the need for decisive structural reform of the banking industry. The two important causes of the financial crisis have still not been addressed: first, we need a clear-cut separation of the retail from casino banking activities; second, we need to reduce the size of individual banks so that no single financial corporation can threaten the global financial system".

Dr Scott Cato went on to cite the recent examples of the Royal Bank of Scotland, accused of misleading regulators and deliberately undermining their own customers. She said:

"Banks are still nowhere near the responsible corporations serving the real economy that we need them to be. They are still too big and too interconnected to fail".

The Green MEP also called on the Parliament to confront head on the vast and growing levels of debt which she described as the " fundamental cause of instability in the monetary system globally". She urged MEPs to challenge the notion of money creation system that relies on allowing private banks to create money with a simultaneous creation of debt.

She concluded: " The Pope has spoken a lot about the imbalance in inequaltiy in our society that has resulted from upholding ideologies based on markets and financial speculation. Today seems like a great opportunity to launch a site which will enable poeple to learn about the terrible wrongs inherent in our banking system and the solutions that Greens in Europe are proposing".


To visit the "Seven Deadly Sins of Banking" website, go to http://bankingsins.eu/en/index.html

To spread the word,  tweet: 

Molly Scott Cato is the first elected Green MEP for the South West and Gibraltar and is one of 50 Green/EFA MEPs in the European Parliament. http://bit.ly/1xX1bD4


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