On 8 May 2007 the European Council adopted conclusions on three interlinked issues relating to financial markets. First, although they recognised that hedge funds foster the efficiency of the financial system, they called on creditors, investors and national authorities to remain vigilant to the potential risks posed by hedge funds. Second, the Council called on the Commission to revise EU legislation on undertakings for collective investment in transferable securities (“UCITS Directive”). Finally, to address the financial implications of ageing, the Council asked the Commission to consider the development of a single pension market for retirement products and requested that Member States work for increased participation and contribution levels of households in non-statutory pension schemes.