-In a speech held in Brussels on 16 January U.S. Ambassador to the European Union Rockwell Schnabel said the U.S. supported the EU’s commitment to economic restructuring and regulatory reform through the Lisbon process, which provides a blueprint for a stronger and more competitive European economy, and is particularly interested in how the EU implements its Financial Services Action Plan.
Because U.S. and EU markets are so interdependent, the ambassador warned, regulatory differences could be the greatest long-term obstacle to transatlantic trade and economic growth. “Our overall transatlantic goal should be to ensure that regulations do not create unnecessary obstacles to market-driven-transactions and limit access to each others’ financial markets,” he said. “Our mutual goal is a strong economic foundation, and this will require neither deregulation nor more regulation, but the right regulation that is simpler, that is market-driven and that is transparent.”
Pointing out the need to speed up the reforms on EU securities market regulation and envisioning the long term goal of a transatlantic capital market the Ambassador also wants that non-European stakeholders should have the opportunity to comment on be consulted in the regulatory process.
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© Graham Bishop
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