The following four main reasons include: swifter financial crisis management and resolution in the US; structural differences in legislative processes; the EU’s front-loading of institutional reform, most notably the creation of European Supervisory Authorities; and the timetable of renewal of the European Commission in 2009-10. The EU has nevertheless initiated or completed significant regulatory initiatives in terms of banking, market structures, private equity and hedge funds, rating agencies and accounting. However, major further challenges await.
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