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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:22 pm on 1st December 2009.

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Photo of Stewart Hosie Stewart Hosie Shadow Chief Whip (Commons), Shadow Spokesperson (Treasury) 4:22 pm, 1st December 2009

I am happy with the idea of a new architecture and a global system, and I am happy with the ESRB and with the fact that it will issue warnings and take actions. However, one bit is missing from all this, and that makes it difficult to agree whether or not it makes sense. The regulatory framework for the derivatives, the default swaps and the counter-party risk-the technical regulation on the financial weapons of mass destruction-is not yet in place. Will the Minister explain how that will work within the context of the ESRB and the other bits of the architecture that she is describing? That is the missing piece; we do not yet have it.

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