Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-394-000"
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"en.20111116.22.3-394-000"2
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"Madam President, I am hugely supportive of transatlantic dialogue. In today’s global markets, the EU must be talking at all levels to its key partners around the world.
When, in September 2010, the Heads of State of the G20 got together to agree to better regulate the world’s financial markets, they set out a few broad principles for the reform of the derivatives markets. It has now fallen upon legislators and regulatory bodies to make these principles a reality.
Parliament, together with the Council and Commission, have added much of the detail and have fleshed out many of those principles agreed at G20, so as to create better-regulated, more stable and fairer derivative markets.
However, we must not forget that this was a G20 commitment. The significance of this is that we must ensure that all the G20 markets not only implement those commitments, but also implement them in a way which allows them to fit together globally.
We must not get caught up in making our markets so secure that no one outside of Europe can access them. Likewise, the Dodd-Frank Act needs to be interpreted in a non-protectionist way.
I urge all those attending the EU-US summit not to get caught up in equivalence and comparability of legislation or, worse, reciprocity, but instead to look at ways of bringing together disparate systems so they can interact in a smooth and predictable way.
While we must work to ensure that Dodd-Frank in the US and EMIR and MiFID in the EU fit together, we must not forget about the other members of G20 and their financial market regulation, making certain that Asian, American and European capital can flow through the system in a transparent and safe way. This should be our ultimate goal."@en1
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