US,EU largely agree on reg reform-Treasury official

WASHINGTON, May 11 (BestGrowthStock) – Cooperation between the U.S.
and European Union on financial regulatory reform is strong but
some differences need to be ironed out on details of specific
initiatives, a senior US Treasury official said on Tuesday.

Mark Sobel, deputy assistant secretary for international
finance at Treasury, said there was widespread agreement on the
need for a bank levy to prevent risk from building up in the
financial system. The two sides, however, need to decide on
modes of operation, such as whether a levy would be collected
before a financial crisis struck or afterwards.

Sobel said there were few differences on tougher
regulations for over-the-counter derivatives.

“We’re getting here,” Sobel told a gathering of the
European Institute. “Differences are to be expected, that is
part of the game.” But despite the differences, Sobel said the
sides were focused on the same broader goals to increase global
financial stability.
Stock Market Money

(Reporting by David Lawder, writing by Lesley Wroughton,
Editing by Chizu Nomiyama)

US,EU largely agree on reg reform-Treasury official