ECB joins chorus attacking EU hedge fund plans

The European Central Bank has added its name to the extensive list of critics of EU plans to clamp down on the hedge fund sector, saying over-regulation could drive the industry out of Europe.

The European Commission came forward with a draft directive before the summer to improve regulation of the hedge fund and private equity sectors, with the proposals currently being studied by the European Parliament and member states.

But in a statement published on its website, the ECB sa...