Hedge fund reform backed

EUROPE’S leaders backed sweeping new global regulations for financial markets and hedge funds in Berlin yesterday.

German Chancellor Angela Merkel hosted heads of state and finance ministers from Europe’s largest economies, who agreed a seven-point European position on global economic reforms ahead of the April 2 summit of the Group of 20 nations.

“All financial markets, products and participants including hedge funds and other private pools of capital which may pose a systematic risk must be subjected to appropriate oversight or regulation,” said Ms Merkel.