Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-109"
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"en.20111115.27.2-434-109"2
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"A ban on short selling in one country affects other countries. We therefore need common EU legislation and greater coordination of the application of rules. The European Supervisory Authority ESMA needs to be given a strong and coordinating role. The agreement that we voted on entails a permanent ban on naked short selling of credit default swaps for sovereign bonds, referred to as CDSs. We are opposed to such a ban because we do not know what effects a ban will have. There is a high risk that the cost of state borrowing will rise, as it could be more expensive for the market players to insure themselves against falls in the value of countries’ sovereign debt. No European supervisory authority, with the exception of the German authority, has introduced a ban on short selling, and such bans are not being demanded by the supervisory authorities themselves. We therefore abstained in today’s vote."@en1
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