Speech McCreevy on Sovereign Wealth Funds

04 December 2007

Speaking at the meeting of the ALDE Group in Brussels, Commissioner McCreevy refused to undertake legal measures to restrict Sovereign Wealth Funds in Europe. He reminded that member states are entitled to block investments which have the potential to compromise national security can be blocked. Furthermore a number of Member States have measures in place that restrict investments in the defence sector.

 

“One issue to be considered in the time ahead is whether guidelines at EU level on investments on sensitive sectors would be helpful or not”, he said. “We need Sovereign Wealth Funds to be transparent in their operations, preferably on the basis of an international code of best practice.”

 

“My approach is based on openness to investment, avoiding protectionism and engaging with Sovereign Wealth funds to encourage transparency.”

 

Full speech

 

© European Commission