From Claude Moraes MEP
Dear Friends,
This past month in the European Parliament there have been key debates on media pluralism in Italy & the EU, and British MEPs have also been active on proposed regulations that will affect the UK’s financial services industry.
I led for the Socialists & Democrats Group on media freedom & pluralism in Italy and the EU in October. This is after what many perceive as attacks by Silvio Berlusconi against those who criticise or investigate him, his businesses or personal conduct. Berlusconi owns or controls nearly 90% of Italian broadcast, print and advertising media. The internationally respected press freedom organisation, Freedom House, recently downgraded Italy in its index of press freedom, which makes Italy the worst ranking European state in the index. The Berlusconi issue sets a European precedent for high concentration of media ownership. My key argument and that of the Socialist Group in the debate was for an EU Directive which will guarantee and promote the freedom of information and an adequate level of media pluralism. However, the Resolution failed to secure enough votes to pass the 50% threshold required, due to strong opposition from the right.
A key area of concern for British MEPs, particularly those who represent areas with a high proportion of jobs involved in financial services, has been on Commission proposals to improve regulation of hedge funds. After the recent global financial crisis MEPs are determined to ensure effective regulation of financial markets to ensure that we do not face this situation again. A major piece of EU legislation in this regard is the proposed Alternative Investment Directive (AIFMD). This could have a major impact on London and the UK’s financial services industry. Labour MEPs have been critical of some hedge fund managers who acted irresponsibly and contributed to the financial crisis. The City of London is concerned that the Directive as it currently stands could lead to funds relocating, and with them the skilled jobs and employment we need. British MEPs from all parties are concerned with the proposed Directive and Labour MEPs are supporting amendments that will improve the regulation of these funds but are also aware that financial services industry provides many thousands of jobs.
Claude Moraes MEP
President of EMiL
November 2009
Read more of Claude's work as a London MEP or contact him at http://www.claudemoraes.net/.