Brussels, 03/02/2014 (Agence Europe) - The European Union and the United States have decided that 2014 will be the year when transatlantic dialogue on the financial services will focus on rules for the winding up of big cross-border banks.
In a joint statement published after a meeting in Washington at the end of January, the two sides said that they had reached agreement on the need to boost mutual cooperation on challenges relating to efficient resolution of big cross-border banks. The next transatlantic dialogue meeting will take place in Brussels in July and will discuss planned changes to banking, the Volker rule in the United States and the recent proposals unveiled by Internal Market Commissioner Michel Barnier (see EUROPE 11007).
TTIP. The two sides disagree over the inclusion of a “regulatory cooperation in the financial sector” section in their bilateral trade talks. The EU is in favour of this, but the US says that cooperation should continue separately in existing global and bilateral fora.
On accounting rules, the EU and US could do no more than regret the absence of progress on convergence. (MB/transl.fl)