In an op-ed in American Banker the chief executive of the European Banking Federation, Wim Mijs, discusses the importance of cooperation between Europe and the US when it comes to financial regulation; he points to the G-20 meeting in Pittsburgh in 2009 during the height of the financial crisis that established the G-20 as the new permanent council for international economic cooperation; but the recent movement towards unilateralism may result in market fragmentation that will be bad for all parties; instead, “U.S. and EU regulators can better ensure a resilient and sustainable financial system by adhering to the long-standing principle of maintaining a level playing field and furthering cross-border cooperation”. Source.
