German Finance Minister Peer Steinbrueck will push for more oversight of hedge funds at this week's G7 meeting in Essen, Germany. In particular, Steinbrueck wants banks to disclose to regulators how much money they lend to the hedge funds, it was reported by Spiegel magazine.
Germany would like greater control over the highly speculative funds in the interests of the international financial system, and has promised to make this a priority of its G8 presidency. Germany is at the core of the euro single currency zone and the European Central Bank is building a huge new headquarters in Frankfurt.
Major German corporations have adeptly ridden the wave of globalization and exports continue to soar even during 2006 with the euro hitting near-record highs against the dollar.
Steinbrueck has been a Social Democrat for more than 35 years, he began his political career in the federal Ministry of Construction in 1974, and has since been riding high as finance minister, having presided over a cut in Germany's budget deficit to bring it in line with the eurozone's strict fiscal target for the first time since 2001.
No comments:
Post a Comment