Spinelli's chicken

Last week´s European Council paved the way to restore confidence in Europe. We should not lose the momentum created at the summit.

Europe should now be committed to better regulating the financial sector. Only by regulating the financial market, Europe will be really protected from a new financial storm. The task will not be easy. Finance speculation is still very much alive. Media are not giving enough visibility to two important battles carried out by the European Parliament to better regulate the financial markets.

First, there is a need to better regulate the High Frequency Trading which damages traditional investors’ trust in markets, drains useful liquidity and increases the potential for market abuse.

High Frequency Trading is able to process an order in 500 microseconds (millionth of a second). This is crazy! How can you decide an investment in a millionth of second! How can regulators control it? It is time to better regulate this kind of speculation! Democratic decision-making will always take longer than a millionth second. Politics should not be wrong- footed by high-frequency trading.

The second issue is commodity speculation which pushes commodity prices up. Higher food prices resulted in social unrest in may developing countries in the last years. At the European parliament, we are doing our best to regulate it but the obstacles are significant.

We must be united in our fight against financial speculation.

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