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Financial Services and the Transatlantic Trade and Investment Partnership

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  • Lannoo, Karel

Abstract

Given the size of the financial markets on both sides of the Atlantic and the symmetry in the follow-up of the G-20 standards, Karel Lannoo argues in this Policy Brief that the Transatlantic Trade and Investment Partnership (TTIP) provides a good opportunity to put in place a more institutionalised framework. He finds that both blocs have reacted in similar ways to the financial crisis in strengthening their regulatory and supervisory frameworks and incorporating the G-20 recommendations into federal law. He also notes that consumer protection has been reinforced, certainly in the US, with the creation of the Consumer Financial Protection Bureau. And on the EU side, the Single Supervisory Mechanism (SSM) will radically change banking supervision. In his view, inclusion of financial services could also be an opportunity to strengthen prudential rules and consumer protection provisions on both sides. Rather than leading to a reduction of consumer protection, as had been feared in the post-crisis environment, it could lead to an examination, exchange and recognition of best practices in regulation and enforcement. Finally, he concludes that inclusion of financial services would make it part of the permanent regulatory dialogue that will be established as a result of a successful TTIP.

Suggested Citation

  • Lannoo, Karel, 2013. "Financial Services and the Transatlantic Trade and Investment Partnership," CEPS Papers 8616, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:8616
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    File URL: http://www.ceps.eu/system/files/PB%20No%20302%20Financial%20Services%20and%20TTIP.pdf
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    References listed on IDEAS

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    1. Jean Fouré & Agnès Bénassy-Quéré & Lionel Fontagné, 2010. "The World Economy in 2050: a Tentative Picture," Working Papers 2010-27, CEPII research center.
    2. Valiante, Diego, 2010. "Shaping Reforms and Business Models for the OTC Derivatives Market: Quo vadis?," ECMI Papers 3093, Centre for European Policy Studies.
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