Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-414-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20110216.15.3-414-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"Madam President, Mr President, Commissioner, I will address an issue that has been raised on several occasions and often presented as a single reason: speculation.
I believe that, with regard to speculation, moderation is required. It is clear that there is a definite link between certain financial activities and increased volatility and prices for raw materials. However, looking at the entire issue solely in terms of financial speculation would certainly be a mistake, since part of what we call speculation is actually the legitimate hedging of prices on the part of producers and, as we are well aware, these producers could not do without this hedging possibility.
However, a situation must be avoided in which direct investment in commodities has a harmful impact on price volatility because of its massive scale or its purely speculative nature.
In this regard, the proposals made by Commissioner Barnier on financial matters, in particular the regulation of short selling and derivatives, and also the revision that is going to come from the Markets in Financial Instruments Directive (MiFID), must give Parliament the opportunity to take account of aspects of commodities speculation in financial regulation and supervision, which will be put in place to ensure that those markets are also regulated in an effective yet pragmatic manner.
Commissioner, you said that these efforts should continue, and I believe that Parliament which, in a financial crisis, has complied with and, sometimes, anticipated what the Commission proposed, will live up to its responsibility.
Finally, I welcome the declaration of the Hungarian Presidency indicating that Europe would support the French Presidency of the G20, which has made the regulation of the commodities markets one of its priorities."@en1
|
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples