Brussels has been working overtime on financial matters, coming out with no less than three controversial documents today. Presumably the European Commission is trying to cram in as much as possible before a new Commission is appointed in September. Charlie McCreevy, the EU internal market commissioner, wants to leave his mark.
There has been much tearing of hair and gnashing of teeth by private equity managers and hedge funds over one of these documents, which proposes to introduce a pan-European regulatory framework for alternative investment managers.
