At a summit in Washington on 20 June 2005, EU and US leaders agreed to continue to work towards the integration of capital markets.
In a joint declaration, which follows on from the 2004 EU/US summit, in Dromoland, Ireland, they committed themselves to continue to involve a broad range of economic players in working towards breaking down regulatory barriers and so removing impediments to trade and investment.
Initiatives agreed on were:
- Establishment of a high-level regulatory co-operation forum.
- Further co-ordinating enforcement of competition laws.
- Increasing integration of capital markets: this will include:
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- convergence of accounting standards;
- integration of clearing and settlement systems;
- adoption and implementation of Basel II;
- building transatlantic venture capital market;
- fighting corporate fraud, money laundering.
Trade Commissioner Peter Mandelson, speaking in Washington, pointed out that incompatible financial regulatory systems between the EU and the US merely created costs for companies with no tangible benefit. He was not, however, calling for mandatory harmonisation, but "limited, practical steps to iron out problems one by one."
