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The Week in Germany: Current Affairs February 9, 2007 Steinbrück Focuses on Hedge Funds as G7 Finance Ministers
Meet in Essen
German Finance Minister Peer Steinbrück welcomed his G7 counterparts under the auspices of the German G8 Presidency to a two-day meeting of the group of seven industrial nations in Germany on Friday. The gathering of finance ministers and central bankers from the world's seven richest nations was due to focus on foreign exchange issues, hedge funds, energy and education.
"We will discuss global economic issues broadly. Monetary and currency affairs are part of them," he said as reported by the Associated Press before leaving for Essen, adding that he would update his peers on his country's economic upswing. Hedge funds entered the political spotlight in Germany in 2005 when the high-risk, largely unregulated and secretive investment pools were criticized as "locusts". Steinbrück on Friday put them in a more positive light and to spark a broader debate on hedge funds. Germany has made hedge funs a primary topic for both its EU and G8 presidencies this year. Steinbrück has said the country wants G7 nations and EU countries, along with the US to try and figure out how to pre-empt any risks that speculative hedge funds may pose to the global financial system. The meeting took place in Essen, the hometown of German Ambassador to
the United States Klaus
Scharioth. The city will also showcase the densely populated former
industrial western German Ruhr region's transformation into a hotbed of
cultural life when it serves as an EU capital of culture in 2010. Links:
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