As regards OTC derivatives, the European Commission and the US Commodities and Futures Trading Commission reached agreement recently on how to approach cross-border derivatives. This was a big step forward. This is a complex issue and there is still work to do. We still need to work together to find a solution for meaningful temporary relief for EU venues from US SEF rules. More broadly, I would still invite other countries to join this approach to make sure that the G20 commitments are applied in a sensible yet rigorous way.
There needs to be global cooperation in a variety of other areas. On the effective convergence of international accounting standards. On implementing a global system of legal entity identifiers. On closing the last of the data gaps. On fighting non-cooperative jurisdictions and tax evasion. And on coordinating our approaches in reforming how financial benchmarks are set...
All G20 jurisdictions, including the EU, must remain committed to the timely, full and consistent implementation of agreed policies. Only then will we create a stable and integrated global financial system. Only then will we be able to prevent – or at least mitigate - future crises. Only then will we finally enable the financial sector to play its central role in supporting the economy and growth.
Financial reform remains a key plank of the G20 agenda. Well-regulated financial markets drive the dynamism, innovation, and entrepreneurship that we all need for sustainable economic growth. And the framework for sustained and permanent international cooperation must be maintained and further developed.
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See also: Lithuanian Presidency - Eurofi-forum generates ideas for the global economy and finance
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