Protecting Public Interest in Financial Crisis

Abstract

The financial crisis has been ongoing from beginning of year 2008 and we still have not reached a point of recovery throughout the European Union. Many European countries, such as Greece, Portugal, Ireland, Spain and Cyprus, received the financial help of international organisations (notably the International Monetary Fund, the European Central bank and the European Commission). Taking into account the public interest as the ultimate goal and objective of the system-wide reforms arising from the start from the financial institutions, namely banks and other financial institutions, it is important to analyse whether the wide economic and social reforms which are still reshaping the democratic setup of these countries really met the public interest objectives. Thus, this article deals with first and foremost the definition of public interest in financial services.