A very rare sighting January 23, 2013 at 8:53 pm
Brace yourself, gentle reader: democratic accountability for financial regulation may be coming our way. From Reuters:
The European Parliament may demand a rethink [of EMIR]… Members of the Parliament are discussing a resolution which, if approved next month, would trigger a formal review of the rules, two sources from the European Parliament said… The issue is with exemptions from the rules for “non-financial” companies, such as airlines, which use derivatives to hedge fuel costs.
If the Parliament approves a resolution rejecting some of the rules, the European Commission and the European Securities and Markets Authority (ESMA) will have to come up with alternatives… the Parliament considers that exemptions for users of derivatives from the “real economy,” such as airlines, are not flexible enough.
Quite right too. I hope that Sharon and friends follow through on this.