In Spring 2011 the full range of texts based on the G20 roadmap will have been adopted. The EC is working in parallel with the US and also with other major players.
When being asked on how all these initiatives will help to curve speculation, Barnier said that the main purpose is to ban hyper speculation. The proposals are also aimed at limiting the risks of speculative trading and make sure that supervisors exactly now what and how the market players are trading in derivatives markets.
Asked by Jean Quatremer (Libération) why the Commission has not banned products, such as derivatives, which essentially make speculators rich, Barnier replied that derivatives were needed by end-users such as Siemens and Airbus to precise reduce the risks and ultimately protect jobs and growth in Europe.
EMIR timetable: expected to be implemented by the end of 2012. He said that there is a need for a democratic debate in the Council and in the EP.
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