Divergences between EU and US in the Financial Regulation

2016 ◽  
Vol 7 (2) ◽  
pp. 285-289 ◽  
Author(s):  
Sara Pugliese
Keyword(s):  
Financial Stability ◽  
Financial Regulation ◽  
Market Access ◽  
Financial Supervision ◽  
Risk Regulation ◽  
The Us ◽  
Two Systems ◽  
Eu And Us ◽  
Financial Relationship ◽  
The Eu

Financial regulation is an issue where differences between the EU and US are highly sensitive. Indeed, EU and US apply in a different manner the financial standards adopted at international level by the Basel Committee and have different systems of financial supervision.Due to these significant differences between the two systems, it is very difficult for the EU and US to reach an agreement on common financial standards within the TTIP negotiations. Actually, as the differences in regulation between the two systems are an obstacle to the access of the financial operators of each Party to the market of the other Party, the absence of common standards in this sector could nullify the efficacy of norms of market access that will be probably contained within the TTIP.Moreover, in a risk regulation perspective, considering the weight that the US and EU financial relationship have on the global system and taking account of the effect of destabilization that could be generated by the divergent requirements imposed to the credit institutions on the two sides of the Atlantic, the lack of common financial standards between the EU and US could have a great impact on global financial stability.

scholarly journals LABOUR PROVISIONS IN EU AND US MEGA-REGIONAL TRADE AGREEMENTS: RHETORIC AND REALITY

2018 ◽  
Vol 67 (1) ◽  
pp. 233-253
Author(s):  
Billy Melo Araujo
Keyword(s):  
Trade Agreements ◽  
Regional Trade Agreements ◽  
Regional Trade ◽  
The Us ◽  
Labour Standards ◽  
Eu And Us ◽  
The Eu

AbstractThe EU and the US have long called for the linking of trade and labour standards in trade agreements at both the multilateral and bilateral level. This article examines their practice of including labour provisions in trade agreements, with a particular focus on recent attempts to include such provisions on so-called ‘mega-regionals’, which were presented by their proponents as providing the benchmark for labour protection in future trade agreements. It discusses the rationale behind the inclusion of such provisions and their practical limitations, and examines the extent to which mega-regionals address these limitations. It is argued that whilst the EU and the US have been keen advocates for trade-labour linkages, there has also been an unwillingness to convert this rhetoric into practice, raising questions about the extent of their commitment to these values.

Growth and Productivity Accounts from EU KLEMS: An Overview

2007 ◽  
Vol 200 ◽  
pp. 64-78 ◽  
Author(s):  
Marcel P. Timmer ◽  
Mary O'Mahony ◽  
Bart van Ark
Keyword(s):  
Productivity Growth ◽  
Data Sources ◽  
Preliminary Results ◽  
Eu Countries ◽  
The Us ◽  
Eu And Us ◽  
The Eu

This paper gives an overview of the construction of and preliminary results from the EU KLEMS database which contains industry estimates of output, input and productivity growth for EU countries. The paper begins with a discussion of methodology and data sources covering output and intermediates, capital and labour services. The content and scope of the database is then briefly described. This is followed by a discussion of preliminary results focusing on comparisons between the EU and US. These confirm the relatively poor productivity performance of the EU relative to the US since the mid-1990s, mostly driven by low productivity growth in market services.

Part II The Financial Crisis of 2007–2011, 9 The Initial Response to the Financial Crisis by the EU and Elsewhere

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Financial Stability ◽  
Financial Regulation ◽  
Initial Response ◽  
Banking Supervision ◽  
Basel Committee ◽  
Regulation And Supervision ◽  
European Financial Regulation ◽  
The Eu

This chapter discusses the various laws, regulations, and comparable measures that were passed or proposed in response to the financial crisis in the EU and elsewhere. It covers the responses of the de Larosière Report, G20, the Basel Committee on Banking Supervision, and the Financial Stability Board. The de Larosière Report, for instance, was commissioned by the President of the European Commission in October 2008 and delivered on 25 February 2009. The report sought ‘to give advice on the future of European financial regulation and supervision’ and has formed the basis of many of the responses to the financial crisis at EU level. The G20 issued a comprehensive communiqué on the crisis at the London ‘Summit’ of 2 April 2009, covering a number of macro-economic and other ‘architectural’ issues.

EU Law (MiFID II) and effective regulation: a step towards financial stability?

2019 ◽  
Vol 26 (6) ◽  
pp. 833-848
Author(s):  
Mariia Domina Repiquet
Keyword(s):  
Financial Markets ◽  
Financial Stability ◽  
Financial Regulation ◽  
Duty Of Care ◽  
Eu Law ◽  
Systemic Risks ◽  
Two Sides ◽  
The Eu

This article examines to what extent EU law is effective in preserving global financial stability and, therefore, preventing financial crisis. A difference between macro- and micro-approaches to financial regulation is explained. Whilst the former is concerned with the minimization of systemic risks and maintaining of the financial stability, the latter is focused on the effective regulation of all financial markets’ players, whatever the size of their portfolios. These approaches are the two sides of the same coin, that is limiting the possibility that future financial crises will occur. This paper argues that the effective regulation of investment firms, especially their duty of care, helps to preserve overall financial stability. The choice of the MiFID II as a case study is explained by its appreciation as one of the biggest achievements of EU policymakers in the context of financial law so far. How does a duty to ‘know your customer’ affect global financial stability within the EU? What is the role of soft law in preserving the financial system? These are the questions that this paper seeks to answer.

scholarly journals How Much Market Access? A Case Study of Jordan's Exports to the EU

2018 ◽  
Vol 18 (3) ◽  
pp. 431-449 ◽  
Author(s):  
STEPHANIE BRUNELIN ◽  
JAIME DE MELO ◽  
ALBERTO PORTUGAL-PEREZ
Keyword(s):  
Market Access ◽  
Refugee Crisis ◽  
Special Economic Zones ◽  
Contributing Factors ◽  
The Us ◽  
Textiles And Apparel ◽  
Economic Zones ◽  
The Eu

AbstractThe value of preferential market access schemes has fallen sharply. Drawing on a relaxation announcement of July 2016 simplifying origin requirements for access to the EU that should help improve market access, thereby contributing to alleviate the refugee crisis in Jordan, this paper argues that a simplification of origin requirements is a straightforward way to enhance preferential market access. Yet, the EU decision limits the beneficiaries who must be located in designated special economic zones, which limits preferential market access. The paper compares the performance of Jordanian exports to the EU and the US under their respective FTAs. It shows that Jordanian exports to the US have grown more rapidly than exports to the EU over the last 15 years. The study documents lower utilisation of preferences in the EU than in the US, especially in Textiles and Apparel (T&A) in spite of non-negligible preferences. Three contributing factors are identified: (i) higher adjusted preferences for apparel in the US than in the EU; (ii) greater competition from other suppliers (mostly from LDCs) in the EU market than in the US market; (iii) simpler origin requirements in the case of the Jordan–US FTA. Comparative evidence from the two FTAs and econometric estimates suggest that this should help restore market access for Jordanian exports to the EU. These estimates provide additional evidence that origin requirements suppress market access. Other pathways to simplify origin requirements are offered in the conclusion.

Trennbankensystem – ein Weg zu mehr Finanzstabilität in Deutschland?

2014 ◽  
Vol 15 (1) ◽  
pp. 41-55 ◽  
Author(s):  
Andreas Dombret ◽  
Thilo Liebig ◽  
Ingrid Stein
Keyword(s):  
Significant Role ◽  
Financial Stability ◽  
Banking System ◽  
Real Economy ◽  
The Real ◽  
Considerable Fraction ◽  
The Us ◽  
Proprietary Trading ◽  
Systemically Important Banks ◽  
The Eu

AbstractThis article examines how the introduction of a specialised banking system is likely to impact banks and the real economy in Germany, in particular from a financial stability perspective. This study is motivated by a recently passed law in Germany on a specialised banking system (Trennbankengesetz), current reforms in the US and UK and proposals for the EU. We focus on the consequences of a separation of the savings & loan business and proprietary trading. We conclude that proprietary trading plays a significant role only for large, systemically important banks in Germany. The latter act as universal banks and grant a considerable fraction of all loans that go to domestic enterprises and consumers. Costs for customers, however, are likely to be moderate. In contrast, a specialised banking system may provide the important advantage that insolvent trading units can be separated more easily from the savings & loan business arm and eventually liquidated. In this way, implicit state guarantees may be reduced.

Explaining Transatlantic Policy Divergence: The Role of Domestic Politics and Policy Styles in Nanotechnology Risk Regulation

2016 ◽  
Vol 16 (1) ◽  
pp. 79-98 ◽  
Author(s):  
Ronit Justo-Hanani ◽  
Tamar Dayan
Keyword(s):  
Domestic Politics ◽  
Public Attitudes ◽  
Health And Safety ◽  
Environmental Health And Safety ◽  
Risk Regulation ◽  
Pressure Groups ◽  
Regulatory Policies ◽  
The Us ◽  
Policy Styles ◽  
The Eu

In this study, we seek to explain a growing divergence between the US and EU regulatory policies over nanotechnology environmental, health, and safety risks. Faced with significant scientific and regulatory uncertainties, incremental approaches have been taken in both regulatory systems, but substantial differences are evident in terms of both policy processes and stringency. While the EU exhibits a regulatory integration process with stringent adjustments of existing legislative frameworks, the US is far less engaged in regulatory adaptations. We have carried out a comparative analysis of the EU and US regulatory policies. We suggest that literature perspectives that focus on differing public attitudes, economic interests, and advocacy pressure groups do not suffice to explain the regulatory policy divergence. We argue that a combined effect of domestic politics and policy styles provides the most powerful explanation of why the US and EU currently differ with respect to their regulatory responses to nanotechnology risks and uncertainties.

scholarly journals WTO Negotiations on Market Access in Agriculture: a Comparison of Alternative Tariff Cut Proposals for the EU and the US

2004 ◽  
Vol 4 (1) ◽  
Author(s):  
Jean-Christophe Bureau ◽  
Luca Salvatici
Keyword(s):  
United States ◽  
European Union ◽  
Market Access ◽  
The United States ◽  
Import Demand ◽  
The European Union ◽  
Agricultural Commodity ◽  
Starting Point ◽  
The Us ◽  
The Eu

Abstract This paper provides a summary measure of the possible new commitments in the area of agricultural market access undertaken by the European Union and the United States, using the Trade Restrictiveness Index (TRI) as the tariff aggregator. We take the 2001 bound tariffs as the starting point and attempt to assess how much liberalization in agriculture could be achieved in the European Union and the United States as a result of the present negotiations. We compute the index for 20 agricultural commodity aggregates under the actual commitments assuming a specific functional form for import demand. We compare the present levels of the TRI with three hypothetical cases: a repetition of the same set of tariff cuts commitments of the Uruguay Round according to a EU proposal prior to the 2003 WTO ministerial meeting, a uniform 36% reduction of each tariff, an harmonization ( "Swiss" ) formula based on the initial US proposal.

scholarly journals COST-EFFECTIVENESS OF POST-AUTOTRANSPLANT LENALIDOMIDE IN PERSONS WITH MULTIPLE MYELOMA.

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Monia Marchetti ◽  
Robert Peter Gale ◽  
Giovanni Barosi
Keyword(s):  
Cost Effectiveness ◽  
Progression Free Survival ◽  
Published Data ◽  
Fixed Duration ◽  
Health States ◽  
Life Years ◽  
The Us ◽  
Markov Decision Model ◽  
Eu And Us ◽  
The Eu

Considerable data indicate posttransplant lenalidomide prolongs progression-free survival and probably survival after an autotransplant for plasma cell myeloma (PCM).  However, optimal therapy duration is unknown, controversial and differs in the EU and US.  We compared outcomes and cost-effectiveness of 3 posttransplant lenalidomide strategies in EU and US settings: (1) none; (2) until failure; and (3) 2-year fixed duration.  We used a Markov decision model which included 6 health states and informed by published data.  The model estimated the strategy of lenalidomide given to failure achieved 1.06 quality-adjusted life years (QALYs) at costs per QALY gained of €29,232 in the EU   and $133,401 in the US settings.  Two-year fixed-duration lenalidomide averted €7,286 per QALY gained in the EU setting and saved 0.84 QALYs at $60,835 per QALY gained in the US setting.  These extremely divergent costs per QALY in the EU and US settings resulted from large differences in costs of posttransplant lenalidomide and of 2nd-line therapies driven by whether posttransplant failure was on- or off-lenalidomide.  In Monte Carlo simulation analyses which allowed us to account for variability of inputs, 2-year fixed-duration lenalidomide remained the preferred strategy for improving health-care sustainability in the EU and US settings.

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