Hot air

6 May 2009 By Pierre Briancon

The French finance minister is calling for maximalist EU regulation of those wicked things. That might play well to the home crowd ahead of European Parliament elections in June. But she d better calm down afterwards. Otherwise, she ll end up with no regulation at all.

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The French government is opposing an EU draft directive on hedge fund regulation, saying it's too lenient.

"The Commission's proposal is way below European's demands. It is minimum regulation. We need to have a maximalist position from the start", Lagarde said this week.

The French and German governments have repeatedly asked for stringent rules on alternative investment funds, and together advocated stronger regulation of the global financial system at last month's G20 meeting in London.

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