Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-040-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Derivatives, central counterparties and trade repositories (debate)2
dcterms:Language	"it"^^xsd:language2
lpv:document identification number	"en.20110704.19.1-040-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-041-0002
lpv:speaker	lp:Alfredo Pallone2
lpv:spokenAs	member; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 substitute; Delegation for relations with Canada (2009-09-16--2014-06-30)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; EPP (2009-11-25--2014-06-30)3 member; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2014-06-30)3 substitute; LIBE (2009-07-16--2012-01-18)3 unknown; Il Popolo della Libertà (2009-07-14--2013-12-16)3
lpv:translated text	"Madam President, ladies and gentlemen, I too wish to congratulate Mr Langen and all the shadow rapporteurs insofar as they have brought here a text that they all agree on. I completely agree that serious and careful regulation on derivatives should be put in place to prevent highly speculative and unorthodox behaviour. However, derivatives should not be demonised, because when used correctly they are important and useful financial instruments. When approaching regulatory reform, therefore, it is appropriate to do so in a critical manner but to avoid viewing them negatively. We agree that there is every need to introduce control and supervision. National and European supervisory bodies need to be able to assess and monitor the extent and the volume of trading but, at the same time, we must take care not to be overly restrictive by introducing thresholds, conditions and bureaucratic burdens which, from a practical point of view, would frustrate use of such instruments. It was not financial instruments themselves that led to the crisis but rather the lack of supervision and the ill-considered use of such instruments outside the rules, and it is in these areas that action is required. Hence the need for more stringent rules for central counterparties, whether in terms of capital requirements or with regard to the carrying out of their activities, and greater powers for the European Securities and Markets Authority (ESMA) and the Commission over technical standards and clearing rules, to avoid differences from one Member State to another. I applaud the general introduction of information for the purposes of monitoring the situation and obtaining a complete picture of the derivatives market so as to enable preventative action to be taken. Finally, I think that it is important to exempt non-financial entities from certain requirements when they have recourse to the derivatives market in order to hedge the risks associated with their own activities."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

Named graphs describing this resource:

The resource appears as object in 2 triples

Context graph