Investments by sovereign wealth funds will be restricted in Europe unless they are more transparent, the EU’s top economic official said, in what will be seen as a warning to the Asian and Middle East state-run bodies amassing assets around the world. Joaquín Almunia, the EU’s commissioner for economic and monetary affairs, said there were “good reasons” to ask SWFs to disclose the scope and nature of their investments, or else face government action in cases where funds are trying to invest in a strategic sector. His remarks underline the concern in some key EU countries that some of Europe’s industrial crown jewels may one day be acquired by the funds.
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