BERLIN (AFP) — German Finance Minister Peer Steinbrueck sought on Saturday to rally his EU counterparts behind German plans for more oversight on speculative hedge funds, but only found limited support.
"There is general agreement that more work has to be done on this issue," Steinbrueck told journalists after chairing a meeting with finance chiefs and central bankers from the 27-nation European Union.
Berlin has had little success during its presidency of the EU and the Group of Seven richest countries drumming up support for its plans to step up oversight over hedge funds.
While Germany had originally pushed for more regulation of hedge funds, Berlin has had to back down after most other countries only showed interest in the lighter option of increasing monitoring.
Instead of regulations, Steinbrueck promoted the idea of a voluntary "code of conduct" that would only need to be applied to the biggest hedge ...
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