Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-199-000"
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"en.20111115.27.2-199-000"2
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"Madam President, nobody would consider taking out a fire insurance policy for a house that they did not own, unless they were interested in their neighbour’s house burning down so that they could claim on the insurance policy. Anyone who did this would be regarded as a fraudster and would be imprisoned.
I think that the rules that apply to real life should also apply to the stock exchange. Therefore, I am very pleased that the regulation which we have adopted today will impose stringent restrictions on short selling throughout Europe. In particular, it has become clear in the past that highly speculative trading in sovereign bonds puts our financial system at risk. You cannot sell what you do not own and you cannot insure what you do not own. Therefore, it is particularly important that we have adopted standardised rules for the whole of Europe to counteract this type of trading.
Now, it is essential that the new regulations come into force as quickly as possible and are regularly monitored. We must call for a ban on these activities not only in Europe but throughout the world."@en1
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