Dick of the year: José Manuel Barroso
This is a nomination for the Bright Green #dick2010 award from Nishma Doshi
2008 was the year the Banks went Bang! and the government swiftly filled the banks’ treasure troves with taxpayers money (so they wouldn’t go bust too). Paying for the banks mistakes, you’d think we’d have some form of accountability or at least some form of financial reform.
2010 was the year that the EU could have demanded reform, regulation and high interest rates for loans that we gave to the banks. Instead, we’re facing the opposite situation – Europe’s poorest and innocent are paying and the European Central Bank’s running the show.
This is thanks to Barroso – the President of the European Commission. Barroso has strongly supported austerity as the solution to the financial crisis, while also claiming to lament high unemployment rates. Despite criticising Obama for slow financial reform, Barroso has continually failed to implement reform and regulations which can prevent a similar crisis. Instead he has implemented a powerless watchdog, the European Securities and Market Authority, which can only interfere if European law is broken. This willonly cover credit agencies, while other derivatives require further legislation.
In other words, thanks to Barroso’s poor commission presidency another financial bubble (crash) is easily possible.