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World Council of Churches Called for Global Glass-Steagall
7 January 2014
(EIRNS)—At a conference held in Sao Paulo, Brazil in October 2012, the World Council of Churches issued a call for the institution of the Glass-Steagall principle on a global basis. The conference, one of three held that year in a continuing response to the collapse of 2007-8, was titled "International Financial Transformation for the Economy of Life," and was likely held parallel to the G-20 conference, also in Sao Paulo that year. In a statement dated October 5, 2012, the WCC called for "Immediate and medium-term actions" to regulate the financial sector, one of the points being that, "Basic banking activities of deposit taking and lending to enterprises and households should be tightly regulated and separated from more risky activity (as in the United Strates in the 1930s with the Glass-Steagall Act)." (emphasis in original) In addition, they called for regulation of "speculative activity" and "the lightly regulated shadow banking sector," mandatory capital reserves; institution of a financial transaction tax, and breaking up the large banks. Headquartered in Geneva, Switzerland, the WCC has also taken an active role in opposing the destruction of European nations, issuing, in November, in conjunction with the Conference of European Churches, a call to the EU to address the issue of youth unemployment in Greece. [mpb/dea/ggs] |