Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-15-Speech-2-434-214"
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"en.20111115.27.2-434-214"2
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"Let us stop speculating on the sovereign debt of Member States. The European Parliament adopted the ban on naked credit default swaps (CDS) on sovereign debt with a large majority and has therefore just put an end, purely and simply, to speculation on sovereign debt, which has no place in a social market economy. With contagion now spreading to Italy and Spain, banning the sale of these speculative financial instruments is consistent with the notion of European public utility. Achieving this ban, in the current context, was no mean feat for the European Parliament and shows that it intends to play its full role in getting the European Union out of this crisis. While the inadequate response to the debt crisis is too often dealt with in intergovernmental, behind closed doors meetings, the European Parliament is fully performing its role as colegislator. By going beyond the Commission proposal, Parliament has succeeded, through lengthy negotiations with the Member States, in banning naked credit default swaps on sovereign debt. This is good news, both for the return of financial regulation and for European democracy."@en1
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