Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-057"
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"en.20111115.27.2-434-057"2
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"I have voted in favour of the Canfin report because, following long-drawn-out negotiations with the Council, the European Parliament has succeeded in reaching an agreement and introducing improvements in the form of stricter regulation of short selling and credit default swaps. Parliament was able to convince the Council of the validity of its position on many points during the trialogue negotiations. Trading in uncovered credit default swaps on state debt, which has drastically increased levels of state debt in Greece, Portugal and Spain and, more recently, also in Italy, will be subject to stringent restrictions and will only be possible with the agreement of the European Securities and Markets Authority. For a long time, I did not understand why the Council spent so much time hesitating over this subject in the negotiations. At the start of the negotiations, the Council took a very cautious approach and spoke out in favour of a minimum level of regulation of short selling.
As a result of the negotiating skills of the delegation from the European Parliament during the trialogue negotiations, it has been possible to achieve what, in comparison, represents a major step towards preventing high-risk speculation. I also welcome the fact that, because of the agreement which was reached, this regulation will come into force quickly after the first reading, rather than being debated for another year or two. We need rapid and effective action."@en1
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