20 April 2005

Speech McCreevy: The integration of Europe’s financial markets and international cooperation

On the occasion of the Euro Conference in New York Commissioner McCreevy said that he will put particular efforts into further developing international cooperation and especially transatlantic relations. “The aim should be a completely barrier free transatlantic capital market”, he continued. The Commissioner pointed out that there is an urgent need for cooperation between legislators and supervisors to minimize unnecessary regulatory duplication and legal friction. “I am very happy that SEC has signalled its sincerity in seriously considering the medium term use of IFRS in the US without reconciliation to US GAAP”, he said.

Looking at the EU market, he said that the Commission will further develop the European supervisory system. “European financial integration has created new challenges for this system which is based on a large number of cooperating national supervisors in European supervisory networks. So consistency, more attention to cross-border risk and financial stability become more important. Companies rightfully demand clearer, more reliable and less costly supervisory structures. They want simplicity – not the Tower of Babel- for reporting, and for resolving disputes. They want one transaction reporting form, not 25. Cooperation between national supervisors is continuing to improve in practical ways.”

However, “the Internal Market programme is by far the greatest better regulation and deregulation exercise in recent history” he said. I intend to ensure that the regulation I bring forward is regulation that is focused primarily on creating a framework that enables markets to work more freely and more effectively within and across borders”.

Press release

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