Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-024-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20110704.19.1-024-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-025-0002
lpv:speaker	lp:Robert Goebbels2
lpv:spokenAs	member; S&D (2009-07-14--2014-06-30)3 substitute; ECON (2009-07-16--2012-01-18)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 vice-chair; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2009-09-30--2014-06-30)3 substitute; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2014-06-30)3 unknown; Parti ouvrier socialiste luxembourgeois (2009-07-14--2014-06-30)3 member; ITRE (2009-07-16--2012-01-18)3
lpv:translated text	"− Mr President, in one minute may I just quote from the report of the US Financial Crisis Inquiry Commission on OTC derivatives. ‘The biggest financial institutions drove the market and over-the-counter derivatives after these instruments were fully deregulated in 2000. In the wake of that action, the market for these derivatives spiralled out of control and out of sight, growing to USD 673 trillion in notional amount by 2008. We concluded that over-the-counter derivatives contributed significantly to the crisis. The report explains the unlimited leverage, the lack of transparency, the lack of capital requirements, and the concentrations of risk that proved so disastrous. It also lays out how credit derivatives fuelled mortgage securitization and amplified losses from the collapse of the housing bubble. After that collapse, derivatives were in the centre of the storm. Millions of derivatives of all types between systemically important financial firms were unseen and unknown when the financial system nearly collapsed. The obligations hidden from view added to the market uncertainty and escalated the panic we saw in the fall of 2008, leading to government rescues of financial firms.’ There is a need to regulate, there is a need for transparency. We congratulate Werner Langen and we will follow."@en1
lpv:unclassifiedMetadata	"Robert Goebbels,"1 "rapporteur for the opinion of the Committee on Industry, Research and Energy."1
lpv:videoURI	<go to Events_and_structure europarl>2

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