uk, eu, financial regulation December 3, 2009
Posted by Bradley in : financial regulation , trackbackThe struggles in the EU over the shape of financial regulation look a little different now that internal market commissioner is to be Michel Barnier (i.e. not one of those free-wheeling anglo-saxons). The UK’s financial sector has taken exception to criticism of the anglo-saxon model (see, for example, the reaction of British Bankers’ Association here). Meanwhile the Council approved changes to the EU regulatory framework with a view to getting the Parliament on board quickly. The UK’s Treasury Select Committee argued recently that rushing this proposal through wasn’t desirable, in part because:
It is not clear how these proposals relate to global initiatives for regulatory reform.
How much the European approach to financial regulation will change with these developments is as yet uncertain. How will European financial regulation compare in the future with that in the US, and how will it fit with the G20 commitments to harmonize approaches to financial regulation?
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