Brussels, 18/02/2013 (Agence Europe) - EU Internal Market Commissioner Michel Barnier wants a regulatory alliance between the United States and the European Union to establish a massive financial market bridging the Atlantic Ocean.
Financial players in the EU and US are faced with very little in the way of economic barriers to working on the other side of the Atlantic, but like supervisory bodies, they face many differences in regulations and supervisory practices, explained Barnier on Friday 15 February at a dinner organised by the Atlantic Council and Clearing House. He said that a transatlantic financial market requires a transatlantic regulatory alliance, mentioning the recent decision by heads of state to hold talks on setting up an EU-US tax-free zone (see EUROPE 10785). A financial alliance would allow progress on implementing the Basel III bank capital requirements, prevent differences in regulations on derivatives and enable faster convergence of international accounting standards. (MB/transl.fl)