Visit of US Treasury Secretary John Snow to Brussels

15 June 2005

On 14 June US Treasury Secretary John Snow visited the European Commission in Brussels. During his meeting with Commissioner Almunia in Brussels US Treasury Secretary John Snow said that the European Union’s financial services sector needs to open up more to help revive the European economy. Mr. Snow also favoured a further integration of EU financial markets which is one structural reform that holds real promise to promote growth.

He also pointed out that regulation and supervision are “inherently national“, and differences between countries are “burdensome, costly and simply an inefficient use of resources”. “If 25 different supervisors implement Directives in 25 different ways, the promise of a more integrated EU financial market will not be realised”, the US Treasury Secretary continued.

On 9 and 15 June Mr Snow also visited the Committee of European Banking Supervisors (CEBS) in London and the Committee of European Securities Regulators (CESR) in Paris respectively. The meetings provided the opportunity to explain the EU developments in the banking and securities markets and the ongoing process of integration and harmonisation.

Mr Roldan, Chair of CEBS, underlined the importance to develop close relations and co-operation in the field of banking regulation as financial markets are becoming more and more integrated not only in Europe but globally.

In Paris, the cooperation with US regulators was discussed, as well as several accounting issues. A constructive cooperation between CESR and the US SEC and the US CFTC should continue in order to properly protect investors and facilitate trans-Atlantic business.

CESR press release
CEBS press release

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