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International cooperation on financial regulation and capital movements
The European Union collaborates with international partners to create consistent policies for regulating financial markets and capital movements, recognizing the global nature of financial markets and the necessity for coordinated efforts.
Global Financial Market Cooperation
In today's interconnected world, effective regulation and supervision of financial markets require collaboration between national and international authorities. The 2008 financial crisis highlighted the interdependence of global financial markets and underscored the need for international cooperation. At the 2008 G20 summit in Washington, world leaders agreed on a common roadmap for financial regulatory reform to address the crisis and ensure a level playing field. The G20 also committed to resisting protectionism and avoiding barriers to investment.
The European Commission's Role
The European Commission has been a key player in enhancing international cooperation on financial regulation since the 2008 G20 summit. The Commission's efforts include:
Many EU financial regulations now include provisions for the European Commission to adopt equivalence decisions. These decisions acknowledge that a non-EU country's regulatory or supervisory regime is equivalent to the corresponding EU framework, facilitating smoother international financial operations.
Global Financial Market Cooperation
In today's interconnected world, effective regulation and supervision of financial markets require collaboration between national and international authorities. The 2008 financial crisis highlighted the interdependence of global financial markets and underscored the need for international cooperation. At the 2008 G20 summit in Washington, world leaders agreed on a common roadmap for financial regulatory reform to address the crisis and ensure a level playing field. The G20 also committed to resisting protectionism and avoiding barriers to investment.
The European Commission's Role
The European Commission has been a key player in enhancing international cooperation on financial regulation since the 2008 G20 summit. The Commission's efforts include:
- Active Participation in International Fora: The Commission engages in international discussions and works with standard-setting bodies to develop global financial policies.
- Bilateral Regulatory Dialogues: The Commission maintains regulatory dialogues with key partner countries to promote alignment and cooperation.
- Promoting Convergence: As part of the EU enlargement process, the Commission encourages alignment with EU financial regulations.
- Assessment and Recognition: The Commission assesses and recognizes foreign regulatory frameworks, promoting convergence between EU and non-EU countries.
Many EU financial regulations now include provisions for the European Commission to adopt equivalence decisions. These decisions acknowledge that a non-EU country's regulatory or supervisory regime is equivalent to the corresponding EU framework, facilitating smoother international financial operations.
