Geithner and EU Commissioner Reaffirm Strengthening the Global Financial System

This story appeared in Bank Digest.

Treasury Secretary Tim Geithner and European Commissioner Michel Barnier met on Oct. 29, 2010, and reaffirmed their strong determination to continue cooperating closely in strengthening the global financial system and in promoting and putting in place the G-20 financial reform agenda. They reviewed the progress in implementing the G-20 financial regulatory commitments. In particular, they noted the significant achievements reached on both sides of the Atlantic—in the United States with the enactment of a vast set of financial reforms in the Dodd-Frank wall Street Reform and Consumer Protection Act and in Europe with the approval of several legislative measures and an extensive on-going legislative agenda. Geithner and Barnier also reaffirmed their commitment to continue their strong and close bilateral cooperation on regulatory reform in the over-the-counter derivatives markets.