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EU calls on US to quicken Wall Street reform

03 June 2011, 23:43 CET
EU calls on US to quicken Wall Street reform

Michel Barnier - Photo EC

(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 implementation of a "Dodd-Frank" package of Wall Street reforms, his sternest criticism was reserved for the US alleged failure to implement international accounting rules.

"Frankly speaking, the patience of Europe is reaching its limits (on this issue)," he said.

Responding to Barnier's remarks, US officials said they "share the EU's desire for timely reform and look forward to seeing more progress on derivatives and a bankruptcy regime for banks."


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