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MEMO/10/337

Brussels, 16 July 2010

Statement by Commissioner Michel BARNIER on the approval by the U.S. Senate of the Financial Reform Bill

The U.S. has adopted very important reforms to strengthen the international financial system. I welcome this important step which will contribute to making the American and international financial systems stronger.

The U.S. are making progress in the implementation of the G20 commitments, and the U.S. bill will be completed by numerous measures in the coming years in order to be completely effective.

Europe is making equally good progress in the implementation of the G20 roadmap. It is essential that the G20 commitments are translated into practice at the same time at international level.

In Europe, a major reform of prudential and remuneration rules for the banking sector has just been adopted. Key proposals have recently been made by the Commission in order to better protect depositors and investors, as well as to better supervise credit rating agencies. I further hope that, in September, Member States and the European Parliament will conclude the on-going negotiations on supervision and alternative investment fund managers (AIFM). Finally, I would like to recall the on-going work concerning resolution funds as well as the forthcoming proposals on derivatives and short selling, which will be put forward in September.

There are differences between the American approach and the one we are following in Europe. This is normal. The two systems – financial and institutional – are not the same.

However, we co-operate closely with the U.S. authorities, in particular to avoid any distortion of competition at international level.

The Commission reaffirms its intention to achieve the reform of the European and international financial systems in order to strengthen stability, to re-establish trust among our citizens and to pave the way towards sustainable growth.


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