On December 7-8, 2023, Mr George A. Papandreou chaired, in the capacity of Head of the Committee of the Parliamentary Assembly of the Council of Europe on Democracy, the International Conference “Money and Democracy – an uneasy relationship” organized by the Venice Commission and the Academy for the European Protection of Human Rights in Cologne .

The Conference explored ways in which the influence of money in democratic decision-making can be limited or even prevented, with a focus on the role of “oligarchs” in public life and challenges to democracy worldwide.

Summarizing the conclusions of the Conference together with the Minister of Justice of Ukraine, Denis Maliouska, and the Director of the Academy for the European Protection of Human Rights, Angelika Nussberger, George A. Papandreou emphasized, among other things, that addressing the problem requires us to understand that the great inequality and concentration of wealth in the hands of a few worldwide translates into power that can and does control the media, politicians and policies, justice, institutions of order, undermining or even capturing our democratic institutions. The priority is to strengthen our legal framework and ensure transparency and accountability. Strong political party and campaign finance laws are also essential. However, legal means are not enough. It is necessary to decentralize power in various ways such as the taxation of capital in tax havens and the unified global taxation of large capital recently voted by the UN General Assembly.

Thirdly, economic democratization, such as energy democracy, must be strengthened. Where the producer is the citizen, self-managing and cooperative businesses, and other forms of Participatory Economy. Safeguarding democracy requires an end and strong democratic institutions to resist the pressures of powerful interests, lobbies and corruption. Democratic education in our school system – that is, education that produces engaged, active, critically thinking and competent citizens is a foundation of democracy. Citizens who will demand the accountability of every authority that must serve the common interest.

Working together, as Europe and across borders – since the phenomena are global – we can tackle the threats to democracy from the over-concentration of power and great inequalities. Only in this way will we promote a future where democracy flourishes, free from the machinations of powerful and opaque financial interests.