EU takes aim at hedge funds and tax havens - by Tim King
The leaders of the European Union's biggest economies meeting agreed on Sunday that there must be stricter regulation of hedge funds, a crackdown on tax havens and an injection of capital for the International Monetary Fund (IMF). Their meeting in Berlin was billed as a preparation for the G20 summit of developed and developing economies to be held in London on 2 April. Angela Merkel, the chancellor of Germany, who hosted Sunday's discussions, said the aim was to come up with a united EU position for that summit.
Merkel said that the meeting had concluded that “all market participants” need to be regulated and supervised. But she said that the details of how to regulate the hedge funds and rating agencies “have to be worked out”. She said action would be taken against “unco-operative players”, such as “tax havens and other places where untransparent business is carried out”.
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