Transatlantic Financial Cooperation

Yesterday, the Atlantic Council and Thomas Reuters launched their report entitled “The Danger of Divergence: Transatlantic Cooperation and Financial Reform,” which addresses the causes of the financial crisis, and the international regulatory framework necessary to ensure the prevention of another one.  “We need to have a common cause with our European Partners,” said Senator Mark Warner (D-VA) at the event.  Among the core issues that need to be addressed, according to the report, are what principles should guide economic reform, how financial regulatory reform will impact the economy, and how to organize international coordination.

Among the positive trends noted by the report was the increasing levels of coordination across the Atlantic already in place today.  While this trend is reassuring the report acknowledges that there is still much work to be done.  Among the solutions included in the paper are to fix the United States housing system, enhance global cooperation, and reduce transatlantic conflict.  Implementing this global financial reform  may be difficult, but as the paper argues, “Transatlantic cooperation is essential for financial reform to work at the national, transatlantic, and global levels.

Posted by: Wesly Milillo

Sources: The Atlantic Council and Thomson Reuters

Photo Credit: Pete Souza/White House

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