EU bank rules boss scolds lack of U.S. cooperation
February 16, 2013 5:14 AM EST
European Union financial services chief Michel Barnier launched a volley at U.S. finance regulators on Friday, criticizing recent rule-making and calling for better cooperation across the Atlantic.
Speaking before a business audience, Barnier criticized a recent proposal by the U.S. Federal Reserve to keep international banks on a tighter leash.
U.S. and European regulators have also been unable to reach an agreement on how U.S. rules for financial derivatives should apply abroad.
"Expanding interpretation of home-grown rules to transactions that are already covered by equally solid foreign rules will only lead to legal conflicts," Barnier said in the text of his speech.
"It will create uncertainty, increase costs and push trade to less well regulated places. This is precisely what we want to avoid," Barnier said.
He also said that progress toward internationally agreed accounting standards in the United States had been slow.
(Reporting by Douwe Miedema; Editing by Andrea Ricci)
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