Business Week:
Michel Barnier, the European Union’s financial services commissioner, is scheduled to meet with the chief executives of Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. during a visit to the U.S. next week.
Barnier, who’s responsible for proposing financial services laws in Europe, also plans to meet with U.S. Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke during a three-day trip which starts on Monday.
The visit is aimed at harmonizing financial-services regulation between the U.S. and EU for topics such as over-the- counter derivatives, bank supervision, capital requirements and hedge funds. The European Commission is due to propose rules on capital and derivatives later this year.
“This year will be a strategic year of convergence between the EU and United States,” Barnier said at a press briefing on his U.S. trip in Brussels today. Next year “will be a year of implementation.”
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