The current crisis has amplified calls for better financial sector regulation. Many argue that a lack of appropriate regulation of financial markets has resulted in severe problems not only for businesses and consumers in the developed world, but also for developing countries. Have short-termism, a lack of transparency and speculation fuelled economic instability and food and commodity price rises? Will prospects for sustainable development and efforts to tackle climate change be adversely affected as a result? How far beyond the financial sector does responsibility for the crisis extend? Are greater accountability and transparency throughout the private sector needed to safeguard human rights and the environment – and also to inspire investor and consumer confidence in companies?

All these issues and more were discussed at a lunchtime round table organised by ECCJ, The Centre, Friends of the Earth Europe and Amnesty International on Monday 8th December in Brussels. The participants heard from Richard Howitt Member of the European Parliament and Rapporteur on Corporate Social Responsibility, Matt Christensen, Executive Director of Eurosif, Nick Hildyard of The Corner House, Paul de Clerck, Coordination of the Corporate Campaign at Friends of the Earth Europe and Natalia Alonso, Deputy Director of Amnesty International’s EU Office with Claudia Martinez Felix of The Centre chairing.

Speakers addressed the causes of the financial crisis from economic, political, systemic and moral perspectives and how a regulatory framework could be implemented for the public interest without creating burdensome bureaucracy. The need for better risk management, greater transparency and a longer term mode of thinking were identified as possible solutions.

The link was also made to a lack of accountability in the private sector as a whole, particularly for multinational enterprises and the needed for political commitment to tackle this at an international level. The implications of this governance gap for human rights were described and the need asserted for proper internalisation of responsible attitudes throughout companies.