Ethics and governance in the European Financial centers

The European Commission yesterday has suspended hundreds of millions of euros worth of aid to Bulgaria over corruption and organised crime. Fellow member state Romania was also criticised by the Commission for shortcomings in its judiciary and progress in combating corruption.

I wish the commission were so strict with the six countries that created the European Coal and Steel Community in 1951 and the Treaty of Rome in 1957, and especially:
- Luxembourg, that urgently needs to establish liability against legal persons for foreign bribery and put in place sanctions that are effective, proportionate and dissuasive, according to a report by the OECD's Working Group on Bribery
- Italy, that is gonna eliminate the Office of the Anti-Corruption Commissioner in Italy, which is great concern for Drago KOS, the President of the Group of States against Corruption (GRECO) and that voted an amendment to suspend procedures relating to cases pending against the Prime Minister.

Neither the European commission nor the international organisations like the OECD, the IMF or other, have lessons to give when pillars of these institutions do not care of rules because they have the money.




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