Barnier stressed that the draft Volcker rule as presented has an extensive global scope which will have unintended consequences for non-US banks, markets and institutions.
Barnier asked for a reconsideration of the rule because the current exemption for non-US banks as well as for activities outside the US would appear very restrictive.
He also observed in the letter that the rule could have significant ramifications for financial markets outside the US, in particular if some of its elements lead to uncertainty for financial intermediaries.
Commissioner Barnier is on a two-day visit to the United States, to discuss with his American counterparts the state of play of the implementation of G20 commitments in the area of financial regulation. He will discuss measures to strengthen global financial markets, and present the EU's views on international financial reform. While there are differences in US and European responses to the crisis, Commissioner Barnier sees it as essential that both act together on financial regulation.
During his visit, Commissioner Barnier will meet with US Treasury Secretary Timothy Geithner, Federal Reserve Board Chairman Ben Bernanke, Securities and Exchange Commission (SEC) Chairman Mary Schapiro, and Commodity Futures Trading Commission (CFTC) Chair Gary Gensler. Commissioner Barnier will also meet with IMF Managing Director Christine Lagarde and address the US Chamber of Commerce on 'Restoring Stability and Growth in Europe'.
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article