Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-072-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-07-04"^^xsd:date2
dcterms:Is Part Of	lp_eu:Short selling and certain aspects of credit default swaps (debate)2
dcterms:Language	"sv"^^xsd:language2
lpv:document identification number	"en.20110704.21.1-072-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-073-0002
lpv:speaker	lp:Olle Schmidt2
lpv:spokenAs	substitute; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2010-11-22--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 substitute; TRAN (2010-11-22--2012-01-18)3 member; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 substitute; IMCO (2009-07-16--2012-01-18)3 substitute; Delegation to the Euronest Parliamentary Assembly (2009-09-16--2014-06-30)3 member; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2014-06-30)3 member_of_the_bureau; ALDE (2009-07-20--2014-06-30)3 unknown; Folkpartiet liberalerna (2009-07-14--2014-06-30)3
lpv:translated text	"Mr President, Commissioner, I would like to start by thanking the rapporteur, Mr Canfin, for a splendid piece of work and, above all, for the way in which he led the trialogue negotiations. It was an absolute pleasure, even if we did not entirely agree. We need a European legislative framework for short selling. I believe that that is something on which we all agree. We need more transparency and openness. It must no longer be possible for anything to be conducted in secrecy. We need a greater ability to regulate and we also need a greater ability to regulate at European level through the agency of the European Securities and Markets Authority (ESMA). However – and I realise that I am saying something that will not go down well in this Chamber – it is important for the financial markets to have the option of short selling. That will actually provide liquidity on the market and reveal prices that have been incorrectly set as well as any share bubbles. The controversial question is now whether the EU should introduce a ban on short selling of naked credit default swaps. In connection with the crisis in Greece, it has been claimed that market participants have used these credit default swaps to a considerable extent to speculate against the Greek crisis. The Commission’s report issued last year demonstrated that this was not the case. It simply did not happen. Neither is there any evidence, Mr Ferber, to suggest that the German ban during the financial crisis had the desired effect. On the contrary, academic experts believe that it had a negative effect. Our basic approach should be not to introduce market restrictions if we do not know what will happen. My view and that of my group – and it is in line with what Mr Lehne and the Commissioner said – is that to experiment with a ban at the present time could be detrimental. The burden of proof should be on those who intend to introduce this ban. My group and I are in favour of the regulators being able, in exceptional circumstances, to introduce a temporary ban or to restrict short selling if manipulation of the market or other phenomena occur. However, a permanent ban at this present time would make the market, which is already experiencing uncertainty, even more uncertain."@en1
lpv:unclassifiedMetadata	"The speaker agreed to take a blue-card question under Rule 149(8))"1
lpv:videoURI	<go to Events_and_structure europarl>2

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