Wednesday, 24 August 2016
Last updated 9 hours ago
Jan 28 2008 | 7:49am ET
German Chancellor Angela Merkel has renewed her call for improvements in hedge fund transparency, saying she will again raise the issue at a meeting of European leaders this week.
In her weekly podcast, Merkel admitted her earlier efforts to obtain some form of hedge fund oversight or regulation have not come to much. But she argued that recent market trouble has proven that something must be done.
“The lesson from the turbulence must be more transparency in financial instruments,” Merkel said.
She warned that if hedge funds did not self-regulate—such as the voluntary code of conduct proposed by British hedge funds last week—new rules would have to be promulgated.
European leaders, including Merkel, French President Nicolas Sarkozy, Italian Prime Minister Romano Prodi and European Commission President Jose Manuel Barroso, will be hosted by British Prime Minister Gordon Brown in London tomorrow.