Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-076-000"
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"en.20110704.21.1-076-000"2
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"Mr President, ladies and gentlemen, speculation was a major factor in triggering the crisis, while credit default swaps (CDSs) and short selling have been a major factor in heightening the crisis. These instruments have degenerated into purely speculative instruments. Some people in the financial sector seem to have incorrectly regarded or misused these instruments as a personal licence to print money. As a result, entire economies have suffered, along with nation states and, above all, the people of the countries concerned. To this extent, the fact that the Commission has finally taken the initiative and realised that regulation is necessary is to be welcomed. Whether or not the regulation will be strict remains to be seen.
I expressly welcome the work and the efforts by the rapporteur, Mr Canfin, to improve the regulation tabled and to put a stop to the gambling. What is needed is a
ban on naked short selling and the prevention of speculation in the future. We also need strict regulation and, above all, a strong supervisory authority in Europe.
I fear, however, that as the negotiations continue, the interests of the financial centres – London and Frankfurt in particular – will override the interests of the majority of the people of Europe. If that happens we will be left with little more than a Swiss cheese in which the holes are probably larger than what is left. That is quite definitely not something my group could support."@en1
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