MFA: Commissioner Barnier Declares EU and U.S. Harmonization Required to Protect Global Economy (with Lofchie Comment)

MFA reported on a recent op-ed by Michel Barnier, European Commissioner for Internal Market and Services, in which he observes that the next challenge to global financial regulators is to use the reforms enacted since the financial crisis as the foundation for a single, global framework. Commissioner Barnier uses derivatives as an example of how this relationship could work, and insists that the EU and the U.S. must take the lead in protecting the global economy.

Lofchie Comment: Commissioner Barnier's remarks are clearly intended to be a statement of disagreement with the positions advanced by CFTC Chairman Gary Gensler. Here, Commissioner Barnier does not refer to Chairman Gensler directly, but rather makes reference to "some U.S. critics" and to "some people." For examples of some of the previous direct and indirect interaction between Chairman Gensler and Commissioner Barnier, see (i)Chairman Gensler on International Swaps Market Reform (with Lofchie Comment) and (ii) European Commissioner's "Invitation" to CFTC Chairman to Extend the CFTC Exemptive Order on Cross-Border Swaps Regulation (with Lofchie Comment).

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