EU talks tough, but US banks and hedge funds unbowed - expert

Britain and France say a deal is close on stricter financial regulations in the EU, including on speculative hedge funds, to reduce the chances of another economic crisis.

Though not yet finalized, Europe's plans are already causing tension with Washington.

U.S. Treasury Secretary Timothy Geithner has written to the European Commission voicing concern that the plans discriminate against American investors, banks and investment funds.

Economic trend forecaster Gerald Celente says that despite Europe's tough talk, the power of the large finance houses and hedge funds will remain unaffected.