The president of the Athens Chamber of Commerce and Industry (EBEA) on Wednesday urged European chambers to begin joint action with the aim to convince European leaders over the need to promote measures at restructuring the operation of international financial markets.
In a letter sent to the presidents of all major chambers in the European Union, Konstantinos Mihalos, president of EBEA, said the chambers must agree on a package of measures including:
-prohibiting hedge funds' speculative operation,
-prohibiting short selling on financial indexes and commodities,
-limiting the operation of derivatives markets,
-limiting the percentage of leverage in the market and
-ensuring the investments made by pension funds.
Mihalos said it was necessary that European leaders understood that the EU vision had no room for nationalism and noted that a Eurobond issue by the European Central Bank could be the necessary tool towards finding a sustainable solution to the debt problem in the Eurozone.
“I hope that European chambers will unite their voices to convince political leaderships that this financial war must end soon through radical decisions by national governments,” Mihalos said in the letter.