Guardian Unlimited- The leaders of Germany, France and Britain will draw up new proposals on the self-regulation of hedge funds by spring next year, German Chancellor Angela Merkel told a magazine in an interview released on Tuesday.
Brown said on Monday in parliament that he would host Merkel and French President Nicolas Sarkozy for a meeting on financial market stability, expected to be in the first half of January.
A German government source said the main topics and other key details of the meeting had yet to be determined. The German side is pushing for Italy to be included.
Germany made greater transparency for the $1.6 trillion hedge fund industry a key theme of its presidency of the Group of Eight (G8) this year, but ran into resistance from the United States and Britain, achieving little.
Recent turmoil in financial markets linked to the troubled U.S. subprime mortage sector appears to have rekindled interest in the issue.
