BusinessWeek- The European Commission was on Monday (20 August) accused of “monumental complacency” by trade unions for not doing more to regulate hedge funds.
The European Trade Union Confederation (ETUC) lashed out at Brussels and EU internal market commissioner Charlie McCreevy in particular saying it was only the financial markets crisis of the recent week that has pushed the topic back onto the agenda.
“It has taken a crisis to awaken policy makers to the dangers involved in the recent stupendous growth of hedge funds and derivative markets,” said the Brussels-based organisation.
“Charlie McCreevy, the responsible Commissioner, is on record as describing hedge funds as ‘crucial’ and as putting the ‘fear of God’ into company boards for the benefit of all. That statement looks like monumental complacency today,” it went on to say.
