Commenting on today's joint EU-US statement on financial markets, Gordon Brown said:
"Both the US and the EU stand to gain considerable economic benefit from more efficient flows of capital and financial services between our two continents. So I welcome the joint statement that has been agreed under the UK Presidency of the EU. I hope that this Dialogue continues to bear fruit and that the priorities outlined in today's statement can help guide discussion, setting out the most important areas we need to look at if we are to create the conditions for a truly transatlantic financial market."
John Snow said:
"I appreciate Chancellor Brown's initiative to draw attention to the important work being undertaken by US and EU authorities on financial markets. This work parallels our joint US-EU efforts to reinvigorate financial services negotiations in the Doha Round. Both will contribute to more robust global economic growth and a more stable international financial system."
Charlie McCreevy said:
"With about 70-80% of the world's capital markets, the transatlantic financial marketplace is by far the biggest in the world and has been integrating at vertiginous speed over the last years. This is good for our economies, good for our companies and good for our consumers. Strengthening our bilateral cooperation and problem solving efforts will further reduce regulatory friction and free up market forces. It is better regulation in action. The Commission will therefore continue working with our US counterparts in an informal way to tackle the issues we have just identified and make sure that new ones are nipped in the bud before any difficulties arise."
The text of the statement is attached.