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German Chancellor Angela Merkel Komfie Manalo, Opalesque Asia:
German Chancellor Angela Merkel has pledged to ask G20 members to impose stiffer regulation against hedge funds during its upcoming meeting on Sept. 5-7, reported Oanda.com.
Speaking at a rally in Rhine City at Bonn, Merkell said she would urge members of G20 during their meeting to be held at St. Petersburg to "speak with one voice" as she laments on the slow progress in implementing tighter rules on hedge funds and shadow banking.
Merkell is scheduled to attend the G20 meeting ahead of the Sept. 22 election as she vowed to make Germany emerge economically stronger from the financial crisis and told Germans her government would push for more reforms and save taxpayers from banking failures and keep those responsible liable.
Merkell is not alone in pushing for more regulations on shadow banking. According to Reuters, world leaders attending the G20 summit are expected to push for tighter regulations on shadow banking that is seen as a risk to the global economy.
It added that shadow banking, estimated to reach $60tln annually, or the same size as the world economy, poses a systemic threat for taxpayers. The shadow banking sector comprises different financial intermediaries, including hedge funds, money mark...................... To view our full article Click here
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