Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-080-000"

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	"pl"^^xsd:language2
lpv:document identification number	"en.20110704.21.1-080-000"2
lpv:hasSubsequent	lp_eu:2011-07-04-Speech-1-081-0002
lpv:speaker	lp:Sławomir Nitras2
lpv:spokenAs	unknown; Platforma Obywatelska (2009-07-14--2014-06-30)3,3 member; EPP (2009-07-14--2014-06-30)3,3 member; ECON (2009-07-16--2012-01-18)3,3 substitute; PECH (2009-07-16--2012-01-18)3,3 member; Delegation to the EU-Russia Parliamentary Cooperation Committee (2009-09-16--2014-06-30)3,3 substitute; Delegation for relations with Afghanistan (2009-09-16--2011-09-28)3,3
lpv:translated text	"Mr President, I would like to congratulate the rapporteur and the shadow rapporteurs. Let me make a few comments based on the debate. Some of you may think this is trivial, but I would like to remind you that falls on the stock markets during the crisis were a consequence and not a cause of the problems. The reasons for these dramatic falls were the excessive risks taken by market participants, and the falls were a reaction to the losses they incurred. Sometimes, after all, prices have to fall to reflect the true value of a share or bond or other instrument. What is important is that these falls do not lead to panic or excessive hesitation. This is why the regulation is so important. In my view it addresses the challenge, and this is why I am pleased, as a situation where a supervisory agency is in possession of the full facts on short selling is an eminently desirable situation. It will increase the quality of supervision and confidence in this type of institution. However, I am not fully convinced whether making this information public will also contribute to this. I hope that it does not have consequences which are very different from those expected, such as the knowledge that a certain amount of short selling is taking place which may lead investors to tend to pursue that very trend. Regarding credit default swaps (CDSs), I am not convinced that banning uncovered CDS transactions is a proper reaction to what has happened to Greek bonds. There is no convincing proof, or at least I am not aware of any, that CDSs caused greater hesitation or increased interest rates on bonds of endangered countries. Please remember that the markets for CDS contracts are many times smaller than the bond markets of countries on which they are based. This is why it is difficult to believe that this issue has had such an effect. Even in spite of that I could agree that the ban is justified, were it not for the fact that – as Mr Kamall mentioned, among others – empty CDSs in fact cover other transactions which have not been included."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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