The Danger of Divergence: Transatlantic Cooperation on Financial Reform
"The transatlantic community must find the way to both 'lead by example' and to use our persuasive powers to convince the leaders of the emerging economies that it is in their own interests to join us in financial reform" states a new report entitled "The Danger of Divergence: Transatlantic Cooperation on Financial Reform" by the Atlantic Council and Thomson Reuters.
The report is co-chaired by Sharon Bowles, MEP, Chair - Economic and Monetary Affairs Committee, European Parliament; Senator Chuck Hagel, Chairman, Atlantic Council; and Senator Mark Warner, Member, Senate Committee on Banking, Housing, and Urban Affairs. Senator Warner and Thomson Reuters CEO Tom Glocer co-chaired the report's launch this week in Washington.
Transatlantic cooperation on these efforts is essential to ensure a predictable framework that rebuilds investor confidence and returns badly needed financial liquidity to the system. The co-chairs stated that, "As the immediacy of the crisis fades, even though its effects are still very much with us, the case for reform gets harder politically. It is essential, therefore, that the highest levels of leadership remain focused and intent on the goal of creating a global financial system that is strong, stable, and safe."
"As a global company with a long-standing commitment to supporting fair and transparent financial markets, we believe it is important for policy makers and regulators to take a more strategic approach to financial regulatory reform. In doing so, it is essential to learn the right lessons from the recent financial crisis and come up with appropriate measures to mitigate systemic risks and improve market transparency. We hope that the report will provide useful background and sound guidance to policy makers around the world," said Tom Glocer.
Aggregating the experience of a high level expert task force, the report presents concrete recommendations for policymakers in the United States and Europe to ensure that the high standards of economic governance in both regions are well coordinated, and adopted globally. These recommendations include:
- Maintain Political Momentum to Finish the Key Regulatory Reforms Quickly
- Resolve Major Outstanding Transatlantic Conflicts
- Repair the Supervision Process
- Enhance the Processes for Global Cooperation