Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-358"
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"en.20111115.27.2-434-358"2
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"I supported the report relating to the regulation on short selling and certain aspects of credit default swaps (CDS). This is a key regulation in combating the financial crisis. We note, in particular, our victory in banning short selling on sovereign credit default swaps. Indeed, it was necessary to restrict current opportunities for speculating on a country’s debt crisis. It was utterly disgraceful to make it possible to speculate on the default and failure of others. The entry into force of the text will, in principle, enshrine the prohibition of such selling if the purchaser is not exposed to the sovereign debt concerned. However, national market authorities will be able to suspend the ban temporarily if a malfunction occurs on the sovereign debt market. We also welcome the progress made in respect of disclosure: this should enable the regulatory and supervisory bodies to carry out their duties better through improved preventive work and closer monitoring. The lack of information was a major problem encountered by the supervisory bodies before the crisis and the time had come to draw the lessons in this regard."@en1
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