European Central Bank President Jean-Claude Trichet on Sunday repeated the ECB's support for voluntary governance codes, particularly for financial institutions such as hedge funds.
"The ECB strongly encourages the elaboration by the profession itself of voluntary benchmarks of good and healthy management by institutions with a strong financial leveraging effect, in particular for hedge funds," he told a conference, according to the text of his speech.
He also added: "The ECB and the Eurosystem (of the ECB and euro zone national central banks) consider it important that central banks have responsibilities when it comes to banking supervision."
He listed several elements of successful governance, including economic and financial efficiency, and the optimal management of economic and financial risks. He said this was as true of governance at corporate level as at national and continental economic levels.
Trichet said it was too simplistic to see continental European and Anglo-Saxon governance methods as being pitched against each other. "To tell the truth, in today's world, .... there is neither a uniform Anglo-Saxon world nor a uniform continent (of Europe) and even less so a uniform Asia, Latin America or Africa," he said.
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