Michel Barnier, internal-market commissioner for the EU, wrote a letter to US Treasury Secretary Timothy Geithner indicating that foreign funds would not be kept from euro-zone financial markets by proposed rules for hedge funds and private-equity firms. "I am convinced that access to the European single market should be granted to managers and funds domiciled in third countries, including the US, provided that high-level standards of transparency and security are guaranteed," Barnier wrote.

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