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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:49 pm on 1st December 2009.

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Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 4:49 pm, 1st December 2009

I entirely agree with my hon. Friend on the alternative investment directive. Is not the bigger criticism of it, however, that it simply betrayed, among those in the European Union who are attempting to introduce it, a lack of understanding about the role of asset management and, indeed, its non-role in the credit crunch and financial crisis that we have faced over the past two years? Whatever other problems there may have been, hedge funds and private equity have not been responsible for any systemic problems that that directive and others have tried to address.

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