On October 19, 2012, Spain’s financial regulator the CNMV announced that it would extend its ban on short selling until October 31 and has also submitted a proposal to the European Securities and Markets Authority (ESMA) to impose a further three month ban, effective November 1, 2012. Spain's action on short selling is just the latest in a recent series of steps taking by EU members intended to deal with individual members' banking and financial woes. On September 14, Italy's regulator Consob lifted that country's short selling ban on banking and insurance stocks introduced in July. In July, Greece’s Capital Market Commission extended its short-selling ban, which has been in place since August 2011, to October 31, 2012, extending the ban again last week to January 31, 2012. Decisions to extend short selling bans by countries like Spain and Greece may not be as effective as hoped, however. Such decisions may only exacerbate financial fears, rather than allay them. This is because short selling bans may be read by some as more politically motivated than financially necessary, and can, even if unintentionally, signal a crisis of confidence with respect to these key economies just at the point they are restructuring their banking systems to make them more sound and resilient.