Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-083-000"
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"en.20110704.21.1-083-000"2
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"Mr President, much like today’s debate on derivatives, this debate on short selling and credit default swaps is important if we are to maintain already fragile financial stability. The fact that these provisions take the form of a regulation is unavoidable, as they impose direct obligations on private parties to disclose information. Transparency is particularly important for financial market stability and investor protection.
Another significant point in this proposal is the suggested ban on naked short selling. The current debt crisis has shown how speculators who choose to gamble on the bonds of eurozone Member States rather than actually own them are capable of bringing entire countries to their knees, so it is vital to restrict the practice of using credit defaults swaps as cover for securities solely to the bond holders.
The final important point promoted by the text before us is the strengthening of ESMA’s powers. I hope that the Council will review its position that decision-making in exceptional situations should be placed in the hands of finance ministers rather than ESMA, and that ESMA will take precedence in this regard."@en1
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