Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-09-Speech-2-248"
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"en.20100309.21.2-248"2
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"As regards speculation, let us be clear that the current problems in Greece were not caused by speculation. They were mainly caused by overspending and not respecting the European framework in terms of the Stability and Growth Pact, namely the excessive debt, but it may happen afterwards that speculators act against the sovereign debt of that country.
This also shows the importance of a fundamental reform in the derivatives market and the relevance of the action already undertaken by the Commission. On 20 October 2009, the Commission began a programme of action in favour of efficient, solid derivative markets. The legislative proposals that Commissioner Barnier will present before the summer, and also those concerning the market abuse directive that Commissioner Barnier will present before the end of the year, will increase market transparency and limit risks.
Beyond this systemic response, a new ad hoc reflection is needed on credit default swaps regarding sovereign debt, and the problem of ‘naked’ practices needs particular attention in this context. It is not justified to buy insurance and buy unseen interventions on a risk on a purely speculative basis. In the short term, we must achieve the necessary coordination to ensure that Member States act in a coordinated fashion, but most particularly for naked practices. In this context, the Commission will examine closely the relevance of banning purely speculative naked sales of credit default swaps for sovereign debt.
At the same time, we will push for international coordination. Because these markets are opaque, we are going to bring this issue to the G20 and we also have to raise some of these issues in our bilateral contacts, particularly with the United States."@en1
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