Is Lobbying good or bad? - Statement by Sharon Bowles MEP
Many people, especially journalists, have become interested in the role of lobbying in legislation.
The drafting of amendments is an iterative process, proactively led by me or my staff on my behalf. So, although I am well known for inventiveness in many completely home grown amendments, I do not do this in a vacuum.
I am in communication with all sides. This means not only industry - in which there are many different views from the banking 'sell side' to the investor 'buy side' - but also financial supervisors in the UK, Europe and worldwide; central banks; 'real economy' users of the financial system; consumer groups; governments and treasury departments (again internationally); international bodies such as IOSCO, IMF, World Bank, Basel Committee of banking supervisors, EIB, EBRD; academics; NGOs; pressure groups such as Finance Watch and many more, as well as individuals.
Additionally, as Chair of the European Parliament's Economic and Monetary Affairs Committee, I am called on to give speeches and to appear on many high-profile international panels, often alongside the leaders of the above organisations, where I have to explain and justify my positions, and where I often launch new ideas early in the consultation stage of legislation. My views are therefore very public and very well analysed.
With regard to whether or not any amendments have parts that may have been written or promoted by interest groups, the answer is yes, but this is never done blindly or from a point of ignorance. Even when similar, my amendments are often not the same as those promoted and there are also instances where amendments I have suggested to solve problems have subsequently been promoted to other MEPs.
When the subject matter is complicated, it is essential to get technical advice. For example, we have a big problem at the moment trying to resolve how to ensure pensioners do not lose out because of new regulations on derivatives interacting with new bank capital rules. We have worked on this problem with pension funds, insurers, asset managers and the FSA, as well as with banks. We had to involve banks as they were the ones who would be obliged by regulation to impose the so called 'Credit Valuation Adjustment' charge and then charge it on. I took suggestions from all sides on this and have had more than one go at addressing it. I also have a novel amendment of my own on 'no double counting' which is there as a backup because we all seem to agree on one thing - that we have not yet solved it for sure.
With regard to private sector lobbyists, many propose amendments, as do consumer groups and many others. I will look at all suggestions as well as asking how to address problems I have seen. Discretion is exercised in what I choose to submit. There are many amendments filed on European legislation and they all get tabled. It is not like the UK where only a few have a chance. Literally thousands of amendments are filed and those working on the legislation will sort through them.
It is interesting to examine the difference between the UK procedure and that of the European Parliament. In the UK MPs wishing to amend legislation go through the tabling office and only a few amendments are tabled. Usually, those with common cause have to get together and agree a single amendment. In the European Parlaiment every idea is tabled, and the public can see all the ideas, and then they can later on see how the MEPs have either written 'compromise amendments' that draw together the various ideas that have been agreed upon after discussion or decided to vote between alternative possibilities.
In the Economic and Monetary Affairs Committee we have also developed procedures for seeking information via questionnaires with the results being shared. Rapporteurs have been posting all questionnaire responses and position papers they receive on a website that everyone can access. Most recently for MiFID, we have introduced a system where they appear on the committee website too.
With regard to my meetings, I publish on my website both a 'what Sharon did last week' résumé of each week, and there is also a downloadable document called 'Meetings with Sharon Bowles' office' which lists meetings attended by myself and my staff.
I hope this helps answer the question: is lobbying good or bad?
Please do not hesitate to get in touch if you need further clarification.