France, Germany call for accelerated financial regulations

19:45, June 09, 2010      

Email | Print | Subscribe | Comments | Forum 

France and Germany urged the European Commission on Wednesday to accelerate work to reinforce financial regulations, especially in regard to naked short-selling and the trading of credit default swaps.

President Nicolas Sarkozy and German Chancellor Angela Merkel in a joint letter released by the Elysee Palace stressed that an accord on the reinforcement of financial regulations was reached during the last G20 summit and that "firm measures should already be in effect."

Citing recent turmoil in the financial market that greatly weighed on European members, Sarkozy and Merkel said: "The return of high volatility of the market makes it legitimate to ask questions on certain financial tools and the use of certain products such as naked short-selling and credit default swaps."

The two leaders voiced determination to set up a framework with the EU to stem speculation and stabilize the market.

They also called on the commission to accelerate its work in completing guidelines in advance of the European Union financial ministers meeting in July.

"The work of the commission should include the possibility of an EU-wide ban on naked short-selling of all or certain actions and bonds, and certain naked selling of CDS on sovereign debt and its terms," the leaders said.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Giant red lantern lights up in Tiananmen Square to celebrate the coming National Day on Oct. 1. (Xinhua/Li Xin)
  • A ceremony is held in Taipei, southeast China's Taiwan, on Sept. 28, 2011, to commemorate the 2,562nd birthday of Confucius (551-479 BC), a Chinese thinker, educationist and philosopher. (Xinhua/Wu Ching-teng)
  • The world's first Boeing 787 Dreamliner for delivery arrives at Haneda airport in Tokyo, capital of Japan, on Sept. 28, 2011. The Boeing 787 Dreamliner, whose buyer is All Nippon Airways (ANA), will implement a flight of ANA on Oct. 26 from Tokyo's Narita Airport to Hong Kong in south China. (Xinhua/Ji Chunpeng)
  • A Libyan National Transitional Council (NTC) fighter shows what is believed to be human jawbone found inside a mass grave near Abu Salim prison in Tripoli, Libya, Spet. 27, 2011. The NTC on Sunday said they had found a mass grave containing the bodies of 1,270 people killed by Gaddafi's security forces in a 1996 massacre at Abu Salim prison in southern Tripoli. (Xinhua/Li Muzi)
  • Rescue workers and local residents search for survivors after a building collapsed in old Delhi, India, Sept. 27, 2011. At least 10 people were killed and 35 injured when an old three-storey building collapsed. More than a dozen people are still feared trapped under the debris, police said. (Xinhua/Partha Sarkar)
  • A visitor has flying experience in the windmill castle of Jinshitan National Holiday resort in Dalian, northeast China's Liaoning Province, Sept. 27, 2011. The castle is a 23-meter-high building with 21 meters in diameter. The castle uses wind tunnel to make objects floating in the air. It is the first indoor stadium in China, which enables people to have flying experience. (Xinhua/Zhang Chunlei)
Hot Forum Discussion