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Speech by Michel Barnier: Time for a new Transatlantic Partnership

European Commissioner for Internal Market and Services Michel Barnier - Speech at the Transatlantic Policy Network -- Washington, 16 July 2013 Some people must have looked at the launch of the TTIP negotiations last week like an aircraft taking off against a strong headwind. I can’t deny that negotiations will be tough. There are discussions about which topics should stay off the table. There will be other sticking points in the coming months. But let’s not lose sight of the broader picture....

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TTIP in Brief: Fact Sheet Available for Download

The first round of Transatlantic Trade and Investment Partnership (TTIP) negotiations kicked off last Monday in Washington, DC.  The EU-U.S. transatlantic economy represents the largest economic relationship in the world, accounting for nearly 30 percent of global  merchandise trade, about 40 percent of world trade in services, and nearly half of global GDP. In 2011, European investment in the U.S. accounted for 70 percent of total FDI in the United States, and Europe’s investment ows to the U.S. were...

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Interdependent swaps markets need interactive cross-border rules

SPEECH BY Michel BARNIER, European Commissioner for the Internal Market and Services on Interdependent swaps markets need interactive cross-border rules at Brookings Institution - Restoring Momentum in Transatlantic Cooperation on Financial Reform // Washington DC, 15 July 2013 Ladies and gentlemen, I would like to thank both the Global Financial Markets Association and the Brookings Institution for inviting me to speak bright and early on a Monday morning. The ancient Mesopotamians invented derivatives, or ‘swaps’ as you call them here in the...

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EU & U.S. conclude first round of TTIP negotiations in Washington

The first week-long round of talks for an EU-U.S. Transatlantic Trade and Investment Partnership (TTIP) comes to a closure today in Washington. “It’s been a very productive week,” said EU Chief Negotiator Ignacio Garcia-Bercero coming out of the talks. “We have been striving already for many months to prepare the ground for an ambitious trade and investment deal that will boost the transatlantic economy, delivering jobs and growth for both European and Americans. This week we have been able to...

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EU and industry join forces to invest €22 billion in Research and Innovation

The European Commission, EU Member States and European industry will invest more than €22 billion over the next seven years in innovation for sectors that deliver high quality jobs. Most of the investment will go to five public-private partnerships in innovative medicines, aeronautics, bio-based industries, fuel cells and hydrogen, and electronics. These research partnerships will boost the competitiveness of EU industry in sectors that already provide more than 4 million jobs. They will also find solutions to major challenges for...

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The European Commission and the CFTC reach a Common Path Forward on Derivatives

European Commissioner Michel Barnier and United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives. Commissioner Barnier said that “our discussions have been long and sometimes difficult, but they have always been close, continuous and collaborative talks between partners and friends.” Chairman Gensler said, “With these joint understandings, together, we’ve taken another significant step in our mutual journey to bring transparency...

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Commission Proposes Single Resolution Mechanism for the Banking Union

The European Commission has today proposed a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) (IP/12/953) which, once operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision – if a bank subject to the SSM faced serious...

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The Trade Dream – and the Reality

By Karl-Theodor zu Guttenberg and Pierpaolo Barbieri Where are the NAFTA haters now? The North-American Free Trade Agreement (NAFTA) will be 20 years old in 2014 and all those who predicted it would bring about disaster have long gone silent. NAFTA boosted intra-North American trade despite a painful initial adjustment, pushing its members to improve competitiveness and focus on their comparative advantages. Mexico is now a manufacturing powerhouse and a North American energy revolution only furthers the bloc’s global competitiveness. Something similar...

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Deutsche Bundesbank: Europe’s Way Forward

Statement on the occasion of the change of the Head of the Bundesbank’s New York Representative Office on 2 July 2013 by Dr. Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank. Governor Powell, Excellencies, Distinguished guests, Ladies and gentlemen It is a pleasure for me to welcome you to the Bundesbank’s reception in New York. Many thanks for taking the time to attend tonight. Today is a special day for two reasons: First, today is a good day for international...

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EU & U.S. – The Essential Partnership

We wish the United States a happy 237th birthday, as Americans celebrate Independence Day on July 4. From its start, the United States was among the EU's staunchest proponents, and on August 11, 1952, the U.S. became the first non-member country to provide international recognition to the European Coal and Steel Community, the precursor to today's EU. A strong EU-U.S. partnership is crucial to building a more democratic, secure, and prosperous world. The European Union and the United States jointly represent...

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