In Washington today EU Commissioner for Internal Market and Services Charlie McCreevy and U.S. Treasury Deputy Secretary Robert Kimmitt met to review the progress made under the U.S.-EU Financial Market Regulatory Dialogue and to discuss its forward-looking agenda.
Both Commissioner McCreevy and Deputy Secretary Kimmit underlined the importance of the Dialogue’s focus on promoting strong U.S. and EU cooperation on financial markets, fostering convergence, and anchoring financial systems in best global practices. They also agreed to continue their efforts to combat money laundering and the financing of terrorism
Deputy Secretary Kimmitt observed that the EU had made great progress in putting in place the framework for an integrated EU wholesale market, and took note of the similar efforts being made on the retail side. Commissioner McCreevy thanked Treasury for its leadership of the Dialogue, commended the United States for working closely with the European Commission in addressing many issues of European concern. Commissioner McCreevy welcomed the principles and guidelines regarding private pools of capital recently issued by the President’s Working Group on Financial Markets. "We must also cooperate with other leading jurisdictions to ensure that the global dimension of these businesses are properly taken into account. In that respect, I very much welcome recognition of the need for international supervisory cooperation in the U.S. initiative" he said.
Both Commissioner McCreevy and Deputy Secretary Kimmit welcomed Chancellor Merkel’s proposal to launch a Transatlantic Economic Partnership at the U.S.-EU Summit and pledged to continue working toward that goal through the informal and cooperative structure of the Dialogue.
