Ethics and governance in the European Financial centers

The last days the press reported that Fortis and Dexia, two major European banks that would have collapsed without the rescue of States, organised in Monaco a costly meal a couple of weeks after this rescue.

This is indecent.

Even though management of the banks explained these lunch were scheduled a long time ago, because of the crisis, they should have been cancelled or at least postponed.

Furthermore the lunchs took place in Monaco, a financial center that is considered as a tax haven, and even a non cooperative tax haven in the small list provided by the OECD . It was for the launch of a subsidiary in this tax haven for Dexia Private Banking.

“When one is banker, it is necessary to know to have blinkers”: This is what said last Tuesday a former head of Paribas at a trial that is taking place in Paris. For the charge, the bankers of Paribas closed the eyes on the trade of weapons which they could not be unaware of as the media had reported the issue.

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The French government and other goverments are willing to fight tax havens and offshore jurisdictions.

Great !

But the current debate focuses on the "most nocive" tax havens and offshore jurisdictions and on jurisdictions that were targeted by the US Senate i.e Switzerland and Liechenstein.

What is the use of closing the "most nocive" tax havens and offshore jurisdictions if more respectable jurisdictions with similar business model remains all the more than these jurisdictions supports the others (e.g. Luxembourg supports Switzerland and Liechenstein, accepts the creation of firms linked to exotic jurisdiction that are not controlled, is reluctant to implement controlling ruled while implementing faster rules in favor of the business...) ?

If the question of tax havens and offshore jurisdictions is limited to the "most nocive", abuses will only move to these respectable jurisdictions to favour their growth without ethics.