March 7, 2007
HP-302

Statement Following Meeting of EU
Commissioner McCreevy and Deputy
Secretary Kimmitt

EU Commissioner for Internal Market and Services Charlie McCreevy and U.S. Treasury Deputy Secretary Robert Kimmitt met today to review the progress made under the U.S.-EU Financial Market Regulatory Dialogue and to discuss its forward-looking agenda.

They underscored the importance of the Dialogue's focus on promoting strong U.S. and EU cooperation on financial markets, fostering convergence, and anchoring financial systems in best global practices.  They also agreed to continue their efforts to combat money laundering and the financing of terrorism. 

Deputy Secretary Kimmitt observed that the EU had made great progress in putting in place the framework for an integrated EU wholesale market, and took note of the similar efforts being made on the retail side.  Mr. McCreevy thanked Treasury for its leadership of the Dialogue, commended the United States for working closely with the Directorate General for Internal Market and Services in addressing many issues of European concern, and welcomed the principles and guidelines regarding private pools of capital recently issued by the President's Working Group on Financial Markets. 

They welcomed Chancellor Merkel's proposal to launch a Transatlantic Economic Partnership at the U.S.-EU Summit and pledged to continue working toward that goal through the informal and cooperative structure of the Dialogue.