In its first Financial Stability Review, published on Wednesday, the European Central Bank (ECB) has suggested that the dangers presented to the European markets by hedge funds are "much less worrisome" than they were several years ago.
According to the ECB report, hedge fund activity is actually viewed by many as improving the efficiency of financial markets. It went on to add that:
"The available information points to a situation which is much less worrisome than at the time of the LTCM crisis."
However, the Financial Times reported on Thursday that this attitude contrasts with the more downbeat position assumed by Germany's Bundesbank, which has urged increased surveillance in order to force hedge funds to be more transparent.
ECB president, Jean-Claude Trichet reportedly acknowledged this as a concern when he presented the Financial Stability Review this week, observing that: "The question of transparency is crucial."
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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