European leaders have focused on the regulation of all financial sectors, including hedge funds, at a meeting in Berlin over the weekend convened by Germany’s Chancellor Angela Merkel.
European leaders have focused on the regulation of all financial sectors, including hedge funds, at a meeting in Berlin over the weekend convened by Germany’s Chancellor Angela Merkel.
The meeting was a precursor to the next G20 meeting, which is set to take place in London on April 2. The talks were intended to help European leaders forge a common position ahead of the London summit.
The Berlin meeting brought together leaders and senior officials from Germany, the UK, France, Italy, Spain, the Netherlands, Luxembourg and the Czech Republic, which currently holds the rotating EU presidency.
‘We are making a commitment that all financial markets, products, and participants, including hedge funds and rating agencies, are subject to supervision and regulation,’ said Merkel (pictured) following the talks. Commenting on so-called tax havens, she added: ‘We will draw up a list clearly showing which the unco-operative jurisdictions are.’
Many of the countries and territories popularly described as tax havens, including the Cayman Islands and British Virgin Islands, have signed tax information exchange treaties with the US and various European countries, and have agreed to implement the European Union’s Savings Tax Directive.
The agenda of the weekend’s summit also included strengthening international accounting standards, reform of the International Monetary Fund and other financial institutions, and moves to restrict executive pay.
