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DUBLIN, Republic of IrelandCharlie McCreevy, European Commissioner for internal market and services, said that, while progress has been made, challenges lay ahead for cooperation between the European Union and United States over financial services regulation.
Speaking at the Annual Finance Dublin Conference on Monday, the commissioner said the increased dialog and cooperation between the European Union and United States under the "Financial Markets Regulatory Dialog" is "really bearing fruit". One example Mr. McCreevy gave was the progress made on U.S. reinsurance collateral requirements. "Some progress has been made on making changes to U.S. reinsurance collateral requirements. We hope we will see a move towards a much more risk-based approach that better reflects the global insurance environment," he said.
While such examples of E.U. and U.S. cooperation show "how far we have come," the commissioner said that the work to be done in months and years ahead represents an even "bigger challenge."
Giving a presentation on "The Future of the Transatlantic Capital MarketRegulation, Risk, Governance," the commissioner said that he had recently returned from the United States where he had met with regulatory and supervisory authorities. "The reception that I got there, and the level of discussions that we had, are highly indicative of how the balance in the E.U.-U.S. relationship has shifted," he said.
"And there is a lively debate in the United States about whether current regulations, regulatory structures and regulatory philosophies are appropriate for today's markets or whether lessons can be learned from Europe," Mr. McCreevy added.