EU financial services chief warns US against unpicking bank rules

by Dramelin 6:00 AM 0 comments

Valdis Dombrovskis, vice president of the European Commission and the EU`s financial services chief, said international rules agreed during the 2007-09 crisis must be upheld to avoid undermining financial stability. "International finance needs international regulatory cooperation. Some U.S. financial institutions could be locked out of the European market if Donald Trump`s administration repeals global rules imposed in the wake of the financial crisis, a top EU official said on Friday. Without it, we run the risk of regulatory arbitrage and renewed instability," Dombrovskis said in a speech in London. U.S. President Donald Trump signed an executive order last week to review Dodd-Frank, a U.S. law that implements a welter of international rules agreed by the United States, the EU and other major economies during the global banking meltdown.