Speech McCreevy: Making Europe work for Business

06 December 2007

Speaking at the Bloomberg Business Lunch in London, Commissioner McCreevy announced the publication of the White Paper on mortgage credit in due course. “I do not believe the case for a directive has been made”, he said. The Commission will also come forward with a proposal on UCITS, starting the Inter-Service Consultation very early in the New Year.

 

Finally, McCreevy confirmed that he does not intend and further regulatory steps on hedge funds. On the background of the financial turmoil, he said that “while many hedge funds are active in the structured credit markets, they are not the cause of the recent financial turmoil. The current safeguards in place such as indirect supervision of prime brokers have worked.”

 

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© Graham Bishop