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Commenting on the de Larosière group proposals on financial market supervision and regulation, PES President Poul Nyrup Rasmussen said “The de Larosière group proposals represent an essential step forward. They are ambitious but practical. The spotlight is now on the European Commission. It is a test of Barroso’s courage and conviction. Today should be an important day in the history of international financial markets – but we shall see if the current conservative European Commission is capable of taking the recommended steps.”

“The proposal for three collegial authorities is pragmatic, and a first vital step towards proper European supervision.”

“De Larosière proposes capital requirements and reporting requirements for hedge funds. This is excellent news coming as it does after the agreement in Berlin among European leaders to press at the G20 for regulation covering all players including hedge funds and private equity. We are coming closer each day to regulation of all financial actors on the market without exception.”

“The challenge now is to agree and implement the proposals, and to do so in the timeline proposed by de Larosière.”

Commenting on Barroso’s statement today that the Commission would come forward in April with proposals on hedge funds and private equity, Rasmussen said “I welcome the commitment but the proposals ought to be presented to the next European Council in March, and before the G20. There is a chance to lead by example at the G20 which would be lost if the proposals are presented later. I hope Barroso’s idea to present in April is not a deliberate delay.”

“I am sure Mr Barroso is getting the message now that self-regulation is not the answer, not for private equity or anyone else.”

The PES adopted a call for better regulation of hedge funds and private equity as long ago as 2007 – read the document

Poul Nyrup Rasmussen drafted the report on financial market reform adopted by the European Parliament in September 2008 – read more on the report

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Julian Scola, ommunications Advisor - Media & Campaigns
Party of European Socialists, Rue du Trône, 98, B-1050 Brussels
Mobile +32 486 117 394
julian.scola@pes.org