Merkel Slams ‘Scandal’ Of EU Hedge Fund Regulations

May 7 2010 | 3:25am ET

If Thursday’s election results weren’t enough to dampen British Prime Minister Gordon Brown’s day, he received another scolding from his German counterpart.

Chancellor Angela Merkel blamed the U.K. for blocking the European Union’s efforts to enact alternative investments regulation, calling the lack of such rules a “scandal.”

Still, Merkel said the shape of reform should become clear over the next three weeks. There is a deadline later this month for the EU’s finance ministers to vote on the directive, which is also nearing a major vote in the European Parliament. Both bodies must approve the rules for them to become law.

While Merkel, who is facing a critical election of her own on Sunday, is right about the British blocking the rules—Brown in March prevented their adoption by finance ministers—she is likely to be mistaken if her fellow center-right party in the U.K. emerge as the winners. The Conservative Party has pledged to continue Brown’s line on the EU hedge fund rules.

As things stand, however, it is unclear that the Tories will be able to form a government, as they are likely to fall short of a majority in the British Parliament.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of