Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-127"

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"One of the causes of the current economic and financial crisis is the lack of adequate regulation of financial markets. Through the adoption of the report by Mr Canfin and the first-reading agreement between Parliament and the Council, the EU has taken an important step forwards by bringing in new rules on credit default swaps and short selling. Thanks to the work of Parliament, the slightly timid approach taken by the Council has been corrected in a number of fundamental ways. Indeed, we have brought in a ban on naked short selling – that is, selling securities that you do not actually own – which includes a ban on buying credit default swaps unless you also own the relevant government bonds. Moreover, the information and transparency obligations imposed on operators will allow national supervisory authorities to keep up to date with any pressure on a security, thereby effectively preventing risk. Parliament can therefore only express its satisfaction about the adoption of this regulation: it may be just an initial step and a simple part of a more general project to regulate the financial markets, but this regulation represents significant progress and a robust contribution to better-functioning financial markets, particularly in terms of sovereign debts."@en1

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