Finally, an additional option is to register the operating managers of hedge funds. It should be kept in mind, however, that these managers are often already registered elsewhere and operate internationally, making such registration on a national level less useful. In a nutshell, hedge funds have enriched our financial system, but they also pose some systemic concerns.
Let me now turn to the global dimension of EMU. Financial institutions, in particular from the United States, Canada and Great Britain, are increasingly benefiting from the greater size and liquidity of an integrated euro bond market. In addition to this financial market perspective, the euro contributes to global monetary and financial stability.