1 Amendments of Miguel VIEGAS related to 2017/0090(COD)
Amendment 33 #
Proposal for a regulation
Recital 2
Recital 2
(2) A simplification of certain areas covered by Regulation (EU) No 648/2012, and a more proportionate approach to those areas, is in line with the Commission's Regulatory Fitness and Performance (REFIT) programme which emphasises the need for cost reduction and simplification so that Union policies achieve their objectives in the most efficient way, and aims in particular at reducing regulatory and administrative burdens. It is still necessary to remember the importance of financial derivative products in the creation of speculative bubbles, taking into account that derivative products have again exceeded in value the levels before the 2008 crisis: in 2014 they were worth 10 times more than global GDP.