Don't you need the printed CVV for that? Which isn't stored on either the magstripe nor the chip.
edit: 3DSecure would also help if banks cared to push it harder (for instance my bank now disallows all online debit card charges that don't use 3DSecure)
Also, in many cases the chips actually contain enough information to replicate the magnetic stripe. (Which is well, bad.)
[1] http://www.emvlab.org/emvtags/show/t57/ [2] http://www.emvlab.org/emvtags/show/t5a/
Edit: Even having the track 2 data won't do you any good in reproducing an EMV card. The only way reproducing a mag stripe EMV card is useful, is if it is used at a non-EMV terminal and mag stripe is the only option.
I believe Europe has complete banished mag stripe now.
http://en.wikipedia.org/wiki/Card_security_code Skip down to Types of Codes
And the CVV on the back, is different than the CVV stored on the magstripe/chip.