The EU and the U.S. often work together to develop international standards. This is the case in fighting terrorism and transnational crime, advancing trade liberalization, and combating piracy and intellectual property violations.
We can demonstrate, by our own example, how E.U. freedoms, including the freedom of nationals of other E.U. countries to come and work here, has enabled us to expand our economy.
Financial service providers act as the lubricating oil in the economy. They link consumers who want to invest their savings for a good return with companies who want to borrow on best terms for expansion.
The time horizon may be too long for sole reliance on market solutions - but perhaps the inventiveness of the financial services industry will prove me wrong that point!
But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.
