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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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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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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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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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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