03 Jun '11, 7pm

EU calls on US to quicken Wall Street reform

EU calls on US to quicken Wall Street reform

WASHINGTON : A top European official laid bare transatlantic tensions over banking rules Friday, urging quicker reform and warning Europe's patience was "running out" on at least one niggling issue. During a visit to Washington, EU internal market commissioner Michel Barnier pressed the United States to fully implement laws aimed at mending the banking system -- after shoddy practices plunged the world economy into crisis. Warning of a "race to the bottom" if competing rule sets emerged, Barnier called on US lawmakers not to heed calls to water down or stall Wall Street regulation. "Delay is not the answer," he said during a speech at the Brookings Institution. The former French foreign minister also warned that "incoherence and inconsistency between our rules will have negative consequences for our markets." While much of the EU representative's focus fell on the implemen...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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