Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-068-000"
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"en.20110704.21.1-068-000"2
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"Mr President, Commissioner, ladies and gentlemen, what we have here is a very important proposal and a very important report. In my view, the very fact that we are having this debate demonstrates that in the past we allowed things to go on in the financial markets that had, in fact, been banned in casinos and state lotteries for years or even decades.
The rapporteur has rightly pointed out that, in the current situation, credit default swaps (CDSs) are being offered which insure something that may not even exist. In practice, the result – and this is also true in the current debate on the crisis in Greece – is that nobody knows how many CDSs actually exist, or what the consequences would be in the event that Greece should actually declare itself bankrupt. It is high time that we regulated this and ensured proper supervision. In so doing we can help draw up rules for the financial markets that are at least equal to those that apply when ordinary citizens visit a casino or play the lottery."@en1
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