May 26 (Bloomberg) -- Germany won’t wait for European Union or international consent before curbing speculation and making banks contribute to the cost of the financial crisis, Finance Ministry spokesman Michael Offer said.The ministry yesterday proposed legislation to expand a partial ban on naked short-selling to all German stocks and certain euro-currency derivatives in a move that would replace a temporary ruling by the BaFin regulator...
“We want to give a clear signal, to markets too, that we will act nationally whenever we can to put a stop to the speculators’ game,” Offer said at a regular government press conference in Berlin today. Germany will go it alone and act nationally “whenever possible,” and will do so either via BaFin or by means of legislation, he said.
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Comment: I'm curious myself how this will work out. There is certainly a populist element in the move. On the other hand, as said before here, there is an element of fierce resistence among leading euro politicians to maintain their single currency and defend it against speculative attacks.
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