Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-409-500"
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"en.20110705.34.2-409-500"2
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"The unregulated over-the-counter (OTC) derivatives market has been a major source of instability in the financial system. Labour Euro MPs backed the report today to ensure that the European Union follows up on its G20 commitments to regulate this sector, valued at EUR 425 trillion, and ensure it can no longer threaten the health of the global economy. Regulating OTC derivatives will also help address food and commodity price speculation, which has distorted prices and driven millions into hunger and poverty in recent years.
By making the market more transparent it will limit the opportunities for market manipulation and the kind of food price spikes seen in 2007/2008. The Council should follow Parliament’s lead and allow us to conclude this law and proceed with further necessary proposals, including MiFID and the Market Abuse Directive, which will complete the re-regulation of this sector and comprehensively tackle the practice of gambling with the food on people’s plates."@en1
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