| Author (Person) | Barber, Tony, Wiesmann, Gerrit |
|---|---|
| Series Title | Financial Times |
| Series Details | 20.5.10 |
| Publication Date | 20/05/2010 |
| Content Type | News |
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The German authorities on the night of 18-19 May 2010 said they were imposing a partial ban on naked short selling – selling securities that are not owned or are borrowed – in a clampdown on speculative trading. In a formal statement of policy to the Bundestag on 19 May Angela Merkel, the German Chancellor, announced that the ban would last indefinitely, or until the European Union agreed a common regulatory approach. The French government led European reaction against the German government’s move. French Economy Minister Christine Lagarde voiced reservations saying other states should have been consulted first. Sweden and The Netherlands also dismissed the German move, as European equity markets tumbled and the euro hit a fresh four-year low against the dollar overnight before rallying. Michel Barnier, EU Internal Market Commissioner, said the measures would be more efficient if they were co-ordinated at European level, and backed the idea that finance ministers should discuss the issue when they were next due to meet. |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe, Germany |
