U.S. Treasury Secretary Jacob J. Lew & European Commissioner Michel Barnier reaffirmed their strong determination in strengthening the global financial system

Brussels, 9-4-2013 — /europawire.eu/ — U.S. Treasury Secretary Jacob J. Lew and European Commissioner Michel Barnier met today and reaffirmed their strong determination to cooperate closely in strengthening the global financial system; ensuring a level playing field; minimizing conflicts, and where appropriate, regulatory overlaps; and supporting the principle of non-discrimination.  In particular, they reviewed the progress made on G-20 financial regulatory commitments and agreed upon the importance of strong U.S.-EU cooperation on implementing: the enhanced liquidity, leverage, and capital safeguards agreed in Basel III; the framework for comprehensive regulation of OTC derivatives markets; and strong crisis management and resolution tools. Commissioner Barnier outlined Europe’s plans to forge ahead with the Single Supervisory Mechanism and a strong Banking Union, and Secretary Lew underscored his support for Europe’s efforts. Secretary Lew updated Commissioner Barnier on the continued U.S efforts to implement financial reform, and Commissioner Barnier welcomed the progress made.  They pledged to move forward together in implementing G-20 reforms and promoting greater convergence and consistency in U.S. and European financial markets. They agreed to stay in close and regular contact and strengthen the U.S.-EU financial market and regulatory dialogue.

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