Barnier highlighted that he hopes the US will adopt regulations to restrict compensation packages for bankers, noting "certain remuneration packages and bonuses are simply beyond our citizens' comprehension".
During his visit to the US, Barnier outlined four priorities for financial regulation going forwards:
- consistency of derivatives rules, especially in the recognition of EU and US central counterparties and trade repositories;
- the uniform implementation of Basel III;
- convergence on accounting standards; and
- improvements to crisis management and resolution authority.
Barnier said he plans to introduce a proposal to create a European framework to manage banking crises in autumn, calling it "perhaps the most important reform during my mandate as a European Commissioner".
Full speech
© European Commission
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