France, Germany call for accelerated financial regulations

19:45, June 09, 2010      

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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

(Editor:王千原雪)

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