American trade officials said in interviews this week that transatlantic trade talks should not be seen as a panacea for Europe's economic ills, and they continue to resist the idea of including financial service regulations in the discussions.
Michael B Froman, the United States trade representative, said Thursday that the trade talks “can be a very important element of Europe’s effort to get back on a path toward growth, but it’s got to be only one piece of an overall growth strategy".
“If TTIP is seen as a way for Europe to export its way out of its problems, it won’t have support", Mr Froman said from Washington in a phone interview. “It’s got to be part of an overall effort to promote reform and get their economies moving again.”
The European Union has raised financial services regulation as a possible subject for these negotiations. But American trade negotiators continue to stress that such regulation should be addressed elsewhere and not encompassed in the negotiations. After the passage of the Dodd-Frank act in 2010 to reform the American financial system, there appears to be limited appetite among regulators there to reopen the issue in the trade talks.
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