The European Federation of Financial Services Users (EuroFinuse), of which the PanSlovenian Shareholders' Association (VZMD) is an active member, supports the efforts and initiative of MEP Sven Giegold in the framework of the project »Dangerous Financial Products«, which calls on individuals, organizations, businesses and professionals to participate in the search for the most dangerous financial product through the web portalhttp://www.dangerous-finance.eu.

More information on the invitatioin and participation opportunities can be found in the letter below or on the given web link.  

Dear friends, dear colleagues,

I would like to start this year with an interesting project I need your help with. Europe is searching for the most dangerous financial product.

During their establishment in 2011 the new European Supervisory Authorities were given the power to ban certain financial products from the markets. However, this new power has not been used even though it is known that many products are dangerous. Nonetheless, at least the practice of naked short selling could be banned following an initiative of the European Parliament under the surveillance of a Green drafts person by special European legislation.

Some products are opaque and complex and thus threaten consumer protection with concealed risks and high costs. They harm third parties such as the global poor, particularly in developing countries by speculation with food and land. They put the stability of the financial system and sustainable development at risk because in some cases they cannot even be sufficiently analysed by financial markets experts or regulators and because they exacerbate price volatilities (also for currencies, credits, etc.). Other financial products might harm the environment by investments in non-sustainable industries or resource consumption. They might also endanger development policy by channeling funds through tax havens which has severe consequences for much needed revenue, in particular in the developing world but also in Europe.

Therefore, we are launching a competition to find the most harmful and dangerous financial product traded on the marketsand want to create publicity and raise awareness.With your input and the help of an expert jurythe most dangerous financial product shall be determined and brought to the attention of the supervisory authorities. We then expect them to scrutinize the product and limit its application or ban it totally from the markets if necessary.

We are happy to receive contributions from citizens, organisations, corporations, consumer advocats and financial markets experts via our online platform (http://www.dangerous-finance.eu). All proposals can be discussed in a public forum after expiration of thedeadline of submissionson15 February 2013on this website. Subsequently, a jury of experts will analyse and rate all proposed products. In a public vote one out of three very harmful financial instruments nominated by the jury will be elected the "winner".

You can join the competition and debates here:

http://www.dangerous-finance.eu

I am looking forward to receiving your submissions and to holding constructive debates - let's work together to make 2013 the year in which the interests of people in developing countries, consumers and our planet prevail over badly regulated financial markets.

In co-operation,

Sven Giegold