Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-04-Speech-1-084-000"
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"en.20110704.21.1-084-000"2
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"Mr President, I am glad to have the opportunity to add a few critical remarks. In short selling one is selling a security that one does not have, or that one has merely borrowed. This enables speculators to bet on falling prices. These complex, opaque instruments were the deciding factor in bringing about the financial crisis. We therefore need a basic ban on speculative short selling of forward contracts. However, this ban needs to be comprehensive and must also include naked credit default swaps (CDSs) and short selling, particularly of government bonds. Betting on states being unable to meet their commitments in times of crisis is abominable, and we need to stem the tide of destructive speculation involving government bonds. Finally, we also need to bolster our mechanisms for sanctions in the financial services sector. The crisis involving the euro should have shown us one thing at least: not every financial transaction that is profitable in the short term is economically and ethically justifiable."@en1
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