German Chancellor Looks for EU Regulations after Short-Selling Prohibition
German Chancellor, Angela Merkel sets out plans to seize control over "destructive" monetary markets, after she inflicted a unilateral injunction on naked short-selling that sent shares and the Euro slipping.
Merkel, starting a parliamentary discussion on Germany's input to a $1 trillion rescue package to support the Euro, said that quicker budget hacks, stern fines for nations, which break the rules and the systematic bankruptcy of Euro-region states are amongst the moves that Germany will impose on European Union associates on May 21.
Today, Merkel told politicians in Berlin, "The lack of rules and limits can make behavior in financial markets driven purely by the profit motive destructive and lead to an existential threat to financial stability in Europe and even the world".
She added that the market alone will not rectify these errors.
Merkel's alliance is trying to create momentum on market ruling in the midst of public antagonism to Germany's share of the Greek and Euro-region aids.
The coalition parties, rolling from a local election loss on May 9, which cost Merkel her authority on the federal upper house, dropped to their lowest joint support in 10 years in a Forsa survey that was released today.
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