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page 151 chapter IV
André Habisch addressed a fundamental problem in
this context: “We’ve become accustomed to passing
regulatory tasks to the state as a neutral arbitrator. But
that no longer works in times of globalisation. After
all, every nation has an inherent interest in not excessively
burdening ‘its’ companies. For instance, the
United Kingdom doesn't want strict regulation of
financial markets, since too many jobs are dependent
on the financial centre of London. And, because of its
automotive industry, Germany rejects stringent environmental
standards, particularly for high-end vehicles.
Accordingly, it's only ever possible to enforce
minimum standards internationally.” Consequently,
there was a need for players in the financial field to
come up with accompanying initiatives targeting selfregulation:
“For example, it would be a good start if
the lenders were also to pay attention to ethical criteria.”
André Habisch mentioned the “Equator Principles”
as an example. They are a code of extended environmental
and social standards that are applied when
financing projects, particularly in developing and
emerging nations. The initiative came from four
banks, and 80 percent of international project financ-