What we do
The Citizens for Financial Justice project aims to inform and connect citizens to act together to make the global finance system work better for everybody.
We need a financial system that works for all and is democratically controlled to achieve this, we need to give greater power to the people.
That’s why we educate, campaign and raise awareness of development finance issues. We work with our partners across Europe to support the implementation of the Sustainable Development Goals (SDGs) by mobilising EU citizens to support effective financing for development (FfD).
WHY WE EXIST
Across the world, the impacts of the 2008 global financial crisis are still being felt. In Europe and beyond, austerity measures have contributed to rising inequality and severely impacted the enjoyment of human rights. Over two-thirds of the world’s countries are currently estimated to be pursuing austerity policies, but these are failing to deliver on their stated aim to bring down public debt levels.
Global debt is at an all-time high, with 119 countries in the Global South considered to be critically in debt.
WHY DEBT IMPACTS THE SDGs
WHY DEBT IMPACTS THE SDGs
Poor country debt payments are reacing peaks not seen since 2004. With more money servicing debt, and with the needs of creditors being privileged over the needs of people, social spending by governments is being hit, impacting human rights, and setting back progress towards the SDGs.
This worrying picture has been fuelled by a lending boom to the South, triggered by policy decisions introduced by rich economies in the wake of the global financial crisis.
Low global interest rates have incentivised capital flows into poorer countries with a specific focus on infrastructure financing.
Rich countries and international financial institutions continue to promote a new development finance orthodoxy, pushing the use of public funds to mobilise private capital. But the risks that this approach poses to debt sustainability in developing countries is often neglected.
REFORMING THE SYSTEM
Reform of the international financial system has meanwhile stalled in the years since the financial crisis. Regaining momentum for reform is critical if we want the ambitious promise of the SDGs to be met, and this will be boosted by stronger global networks of informed citizens.
Strenghtening the ability of citizens’ groups to understand and analyse the problems in the financial system and to organise across social divides and national boundaries will increase their ability to influence change. This in turn will move us closer to embedding responsable financing practices in the global system and redressing the power imbalance in international financial institutions.