West Palm Beach (HedgeCo.Net)- At an informal meeting yesterday in Meseberg, Germany, French President Sarkozy took a tough line on “financial speculators”, such as hedge funds, who should not be allowed “to destroy an entire international system”.<\/p>\n
He added: “We are in favour of transparency and regulation, and for a capitalism that favours entrepreneurs, not speculators.”<\/p>\n
Merkel and Sarkozy also discussed issues of common European concern, such as energy, and proposed the creation of a “council of wise men” to debate how the EU should evolve over the next 30 years.<\/p>\n
However, the two remained vague on the composition of such a council, but underlined that its members should not be individuals who are actively involved in the Commission, Council or Parliament.Both Merkel and Sarkozy are opposed to Turkish EU membership, supporting a close association instead.<\/p>\n
Chancellor Merkel criticised in particular the failure of rating agencies. She asked: “How can we tell people at home that nobody knew anything about this and yet they all have to live with the consequences?”<\/p>\n
The two European leaders said that they would push for an EU initiative to improve the transparency of financial markets following the recent turmoil spurred by the US sub-prime market collapse.<\/p>\n
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