Main results of ECOFIN meeting

08 May 2007




The Council adopted conclusions on three interlinked issues relating to financial markets. It acknowledged that hedge funds have contributed significantly to fostering the efficiency of the international financial system, and called on creditors, investors and national authorities to remain vigilant and to adequately assess the potential systemic and operational risks that hedge funds present. It emphasised the need for a better understanding of the characteristics of hedge funds and for adequate investor protection;

On asset management, the Council called on the Commission to present a proposal for revision of the directive on UCITS, so as to cater for the growth of the investment industry and to enhance its potential for further growth.

As regards the financial consequences of ageing, the Council called on the member states to work for increased participation and contribution levels of households in non-statutory pension schemes, and asked the Commission to consider work on the development of asingle market for retirement products.

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© Graham Bishop