The experience of the past few days has shown that there seems to be a particular need to take action in the case of Hedge Funds. How this is to be done can still be discussed. An indirect solution BIS Review 84/1998  -5-  has been proposed: banking supervisors monitor the lending of an individual bank to a Hedge Fund.
The data are then compiled through an international credit register. Taking Hedge Funds as the starting point has been proposed. It may well be true that they are so flexible that they can elude direct supervision whenever they want to. But when it becomes apparent which Hedge Fund discloses data and which does not, then the market can discipline itself.