US And EU Talks Make Progress

Top U.S. and the European Union officials have declared their commitment towards reforming the global financial system. According to The Wall Street Journal, U.S. Treasury Secretary, Timothy Geithner, and European Union markets and services commissioner, Michel Barnier, said they are seeking to develop regulations appropriate to their markets, but would avoid discriminatory rules that may favor one country’s sector over another.

Mark Sobel, deputy assistant secretary at the U.S. Treasury, claimed that the talks have made progress. He said, “It's to be expected when you start debating details, there are going to be differences.” Barnier had earlier expressed concern over diverging interests of US and EU proposals.