As the Libor scandal showed, dirty tricks on the financial markets are on the rise. The EU is preparing to crack down on the black sheep and impose penalties. We've seen during the crisis that EU law wasn't clear enough on some points. For example, index manipulation as in the Libor case was not dealt with by EU law. Following this experience it's therefore right for us to clarify and update the definition of market abuse and further harmonise penalties. The proposal is set to be voted on in the Economics Committee in October and by Parliament's plenary in early 2013. How to prevent Europe's financial markets from collapsing in the future? In light of the Commission proposals to hand control of the EU's over 6,000 banks to the European Central Bank, the Economic and Monetary Affairs Committee wanted to hear expert opinions. The chairs of three EU agencies controlling financial markets, banks and pension funds gave their views. The bottom line is, EU-wide oversight is needed now more than ever, but who will exercise it? Rats fed with genetically modified maize are 2 to 3 times more likely to die of certain kinds of cancer within a two-year period. Those are the results of a study presented by French Liberal MEP Corinne Lepage. She and other MEPs now ask for changes at the European Food Safety Authority. The conflicts of interest, the lack of strictness in controlling the assessments, the implemented procedures, that's to say, always settling for studies made by the producers and assessed by experts chosen by the producers. All that is no longer acceptable. Mrs Lepage is also asking to stop the importation of the US agro giant Monsanto's incriminated products.
EuroparlTV video ID: 137132ce-8f3e-49fd-b174-a0d20122df62