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European leaders of the Group of 20 took the first step in market regulation. The leaders said that all financial products, including hedge funds must be regulated.
The leaders also said that the resources of the International Monetary Fund must be doubled to $500 billion. British Prime Minister, Gordon Brown, said that the increased funds should be used to help Eastern European economies.
Members who were polled agreed that "all financial markets, products and participants including hedge funds and other private pools of capital which may pose systemic risk must be subjected to appropriate oversight and regulation."
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