Word: european
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...already eyeing nuclear power to help them meet emissions reductions targets, leaving Germany isolated among its E.U. and G-8 partners. And German Greens who continue to bang against the metal fences surrounding nuclear plants as they call for shutdowns are increasingly isolated among their European peers, some of whom see nuclear as a viable low-carbon alternative, however imperfect. (See pictures of the G-8 leaders letting their hair down...
...Europe's roughly $400 billion in hedge-fund assets - accused other E.U. governments July 7 of making "political capital out of demanding intrusive regulation of an industry of which they have little or no direct experience." While it acknowledges they didn't trigger the crisis, the European Commission has insisted that "risks associated with their activities ... may in some cases have contributed to market turbulence." (See pictures of the global financial crisis...
...funds outside the E.U. that aren't subjected to equivalent regulation - a provision that would kick in three years after the rest of the legislation, giving jurisdictions and managers time to adapt - promises the most significant change. The E.U.'s approach is understandable. If you want to protect European investors, it's no good regulating domestic fund managers if those selling to investors from outside the region aren't obliged to respect similar rules. But while U.S. efforts are underway to bolster the policing of hedge funds - and the meaning of equivalent regulation is still to be defined...
...Amid strident criticism from industry and national governments, the proposals - currently being scrutinized by both the European Parliament and European Council, which represents national governments at the E.U. level - will almost certainly be amended. Sweden's Odell insisted the legislation was "a raw diamond that needs to be polished more." Myners, the British Minister, has vowed to "fight tooth and nail" to get the draft revised. Industry groups, meanwhile, have mounted keen lobbying campaigns. With nothing likely to enter into force before 2011, "there's one safeguard against it being introduced as it is," says AIMA's Baker...
What will be your next steps? I will campaign to raise awareness in the free world. I will appeal to the White House, the European Parliament and the U.N. to condemn Chinese actions. I will ask the U.N. to appoint an independent inquiry into what has happened in Urumqi...