Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-408-312"
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"en.20110705.34.2-408-312"2
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".
We have a duty to draw all the lessons that we can from the crisis, which is still ongoing. In order to do so, we need smart regulation and effective supervision. The products can be useful by serving the real economy. The issue is not to condemn them, but to regulate them, as the fact is that their use has not been transparent, and this was at the root of the crisis. The regulation on the derivatives market is crucial because it represents EUR 600 billion that was at the heart of the crisis. This regulation will cover the raw materials market in order to avoid price speculation. Over-the-counter derivatives lack transparency as they are privately negotiated contracts and any information concerning them is usually only available to the contracting parties. They create a complex web of interdependence, which can make it difficult to identify the nature and level of risks involved. The financial crisis has demonstrated that such characteristics increase uncertainty in times of market stress and consequently pose risks to financial stability. I am in favour of this regulation as it lays down conditions for mitigating those risks and improving the transparency of derivative contracts."@en1
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