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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.