The war on market manipulators

The newspaper La Repubblica comments on the proposal by Italy's Minister of Economy and Finance Giulio Tremonti to apply article 81 of the EC Treaty to non-European countries. The article contains a protective clause against market manipulation and commercial action that compromises or damages the European market. "From crude oil to the stock market, from food to raw materials, global speculation is eroding the equilibrium of the global economy. According to the ideologues of the new right, the time has come to strike out at the enemy. On Monday Tremonti will present his plan to ECOFIN in Brussels, which focuses on fighting speculation in the European domestic market by non-European entities. ... The Tremonti plan has a certain appeal, and is emblematic of the new face of protectionism. ... But the question is, even if article 81 is broadened to target speculators, who will determine the criteria and the form of sanctions against market manipulators?"

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