On Monday night, the Atlantic Council of the United States hosted European Commissioner for the Internal Market and Services Charlie McCreevy for a discussion on transatlanic coöperation in financial market regulation. I got to drop in.
Commissioner McCreevy discussed European efforts to reform both the credit derivatives market and credit ratings agencies. The most interesting point the Commissioner brought up was the threat the current financial crisis has been on the integrity of the single market, despite the fact Eurozone members have weathered the crisis better than non-Eurozone European nations. European Parliament elections are this week and, according to polls, faith in Europe among Europeans is reaching twenty year lows.
On a related note, I picked up and read a copy of the Atlantic Council’s policy paper, “Transatlatnic Leadership for the New Global Economy” which, from 2007, is delightfully antediluvian in its approach to both global economic survelliance and the IMF in general.
The Atlantic Council has made an MP3 of the discussion available.