This measures seem modest enough but there is enough here to show that the Germans aren’t singing off the British hymn sheet under the direction of Brown. Thus:
“The document is intended as a challenge to the hedge fund industry, which has thus far been largely free from oversight, but also on tax and regulation havens like the Cayman Islands or the Channel Islands. Increased oversight of such offshore havens is paramount, the paper argues”.
In addition:
“The expert group opposes transforming the International Monetary Fund into the policeman of the global financial markets, as was suggested by French President Nicolas Sarkozy. The IMF lacks the expertise to function as a standard-setter for the financial market, according to the paper.“
13th November, 2008
When she heads off to the world financial summit in Washington D.C. on Friday, German Chancellor Angela Merkel can take comfort in the fact that she has plenty of firepower. In her briefcase, she will have with her proposals and aims prepared for her by a group of six experts, headed up by Otmar Issing, the former chief economist at the European Central Bank (ECB). The group churned out the documents in just two weeks.
In These New Times 