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)
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date