|By Sophie Bolla - July 2, 2014|
Michel Barnier, the European Commissioner for Internal Market and Services, was recently in Washington to advocate the inclusion of financial services in the Transatlantic Trade and Investment Partnership (TTIP). This debate has been a source of tension at the highest level on both sides of the Atlantic since the U.S. Ambassador to the European Union Anthony Gardner stated that the United States didn’t “see the need for financial services to be part of TTIP.” His statement mostly reflects the Treasury’s position, which fears that provisions on financial services regulation would weaken the Dodd-Frank reforms or at least dilute the safeguards that were created after the 2008 financial crisis. Further, it believes that other multilateral fora like the G20 or the Financial Stability Board are better settings to discuss financial services regulatory convergence.