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Chair of ECON, Sharon Bowles MEP, to meet finance ministers to discuss EU-US financial regulation

September 30, 2010 3:30 PM

Tomorrow (Friday 1st October) Sharon Bowles MEP, Chair of the European Parliament's influential Economic and Monetary Affairs Committee, will participate in an informal meeting of EU finance ministers.

The meeting will be attended by Internal Market Commissioner Michel Barnier and European Central Bank President Jean-Claude Trichet and will focus on the new regulatory and supervisory landscape on both sides of the Atlantic.

Ms Bowles will raise issues related to US implementation of the Basel II and Basel III banking capital rules and the need to push for continued cooperation in the fields of derivatives regulation and accounting standards.

In addition, she will remind ministers of the importance of maintaining and developing contacts with governments and regulators outside the West, particularly in Asia.

Sharon Bowles MEP said:

"We should not use the sophistication of our financial services as a form of protectionism and impose solely Western perspectives on regulation on the rest of the world.

"We can learn from the stability of Asian financial centres in the face of the recent crisis, in which they were protected by the use of the same macroeconomic tools which we are now considering."

Ms Bowles will be leading a delegation to Washington to attend a meeting of the International Monetary Fund on the 8th October.

ENDS