In particular, they reviewed the progress made on G20 financial regulatory commitments and agreed upon the importance of strong US-EU cooperation on implementing: the enhanced liquidity, leverage and capital safeguards agreed in Basel III; the framework for comprehensive regulation of OTC derivatives markets; and strong crisis management and resolution tools.
Commissioner Barnier outlined Europe’s plans to forge ahead with the Single Supervisory Mechanism and a strong Banking Union, and Secretary Lew underscored his support for Europe’s efforts. Secretary Lew updated Commissioner Barnier on the continued US efforts to implement financial reform, and Commissioner Barnier welcomed the progress made. They pledged to move forward together in implementing G20 reforms.
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