The Final Push for World Government

U.S., EU Focus on Regulatory Barriers at Transatlantic Economic Council

October 27, 2009

Transatlantic Economic Council - U.S. and EU officials met in Washington on October 26-27, 2009, for the U.S.-EU Financial Markets Regulatory Dialogue (FRMD) and the first Transatlantic Economic Council (TEC) to take place during the Obama presidency.

The TEC meeting, which occurred in the early stages of a recovery from a major international financial and economic crisis and just ahead of the next U.S.–EU Summit, reviewed global economic challenges and stressed the need to cooperate even more closely, including to enhance the integration and competitiveness of U.S. and EU economies. Participants also welcomed the initiative to establish at the November 3 Summit a new ministerial-level Energy Council, which will seek to deepen EU-U.S. cooperation to promote energy security. (TEC Statement and Progress Report).

The FMRD, which met the day before the TEC, looked at the implementation of broad strategy and also focused on specific regulatory issues, including financial markets regulation, hedge funds and derivatives (Joint Report).

Horizontal Regulatory Cooperation
Sectoral Regulatory Cooperation
Financial Markets
Investment
Intellectual Property Rights
Secure Trade
Innovation and Technology

Primary Sources
TEC Statement and Progress Report (Oct 27, 2009)
Financial Markets Regulatory Dialogue Joint Report (Oct 26, 2009)
TEC Statement and Progress Report (Dec 12, 2008)
TEC Statement and Progress Report (May 13, 2008)
TEC Statement and Progress Report (Nov 9, 2007)
Framework for Advancing Transatlantic Economic Integration Between the U.S. and the EU (April 30, 2007)

Key Links
· Transatlantic Business Dialogue (TABD)
· Transatlantic Consumer Dialogue (TACD)
· Transatlantic Legislators’ Dialogue
· EU Delegation of the European Commission to the USA

Related USG Sites
· Department of Commerce
· Food and Drug Administration
· Department of Agriculture

Transatlantic Economic Council Meeting, October 27, 2009

The Transatlantic Economic Council held its fourth meeting since its establishment in April 2007 under the Framework for Advancing Transatlantic Economic Integration between the U.S. and the European Union.

Joint Statement
Progress Report
Joint Report on U.S.–EU Financial Markets Regulatory Dialogue (Annex 2)

The Transatlantic Economic Council (TEC) was established to:

1. Oversee the efforts outlined in the Framework for Advancing Transatlantic Economic Integration Between the United States of America and the European Union, with the goal of accelerating progress;


2. Guide work between U.S.-EU Summits with a focus on achieving results, including setting goals for achieving the purposes of the Framework, developing metrics, setting deadlines and targets, and monitoring progress;


3. Adopt a work program, drawn initially from the existing work program under the 2005 U.S.-EC Economic Initiative, with the goal of achieving the objectives of the Framework, and shall adapt this work program and otherwise organize its activities in the manner best suited to achieving those objectives;


4. Review at least semi-annually its progress in achieving the objectives of the Framework;


5. Facilitate joint action under the Framework to advance its purposes;


6. Review ongoing U.S.-EU economic engagement in order to maximize progress in existing transatlantic dialogues with a view to consider phasing out technical dialogues that have completed their work or are otherwise no longer necessary;


7. Meet at least once a year at such time as the co-chairs decide;


8. Oversee preparation of annual reports to the U.S.-EU Summit leaders on goals, metrics for meeting those goals, deadlines, achievements, and areas where more progress is needed;
   Facilitate closer cooperation between the United States and European Union and legislators and stakeholders;


9. Convene a group comprised of individuals experienced in transatlantic issues drawing in particular from the heads of existing transatlantic dialogues to provide input and guidance to the U.S.-EU Summit on priorities for pursuing transatlantic economic integration; and
   Include representatives of other governmental entities as the Council determines to be appropriate.