I believe that a further convergence of financial supervision in Europe is desirable and indeed already progressing. In this respect, as DNB believes that the interests of market participants should be carefully weighted when deciding upon the architecture of European supervision, the Lead Supervisor model is a possibility.
Regarding hedge funds, I stress that indirect supervision is a necessary but not sufficient condition for mitigating the risks they could pose to financial stability. For that reason, further transparency and disclosure by hedge funds is essential in limiting risks of market integrity and uncompromising behaviour that potentially could damage the stability of financial firms.