The EESC welcomes the provisions for market transparency which it expects to be very beneficial. It believes that, in general, outcomes will be optimum if markets are allowed to operate freely within an established regulatory framework.
Accordingly, the EESC proposes:
- ESMA be given a coordinating role at the same time hoping that direct ESMA intervention will be exceptional. CDS related to sovereign debt have been the focus of eurozone angst as the sovereign debt crisis has erupted. The economic and social dimensions of this crisis are of enormous concern to the EESC.