US Treasury Secretary ‘Writes to Europe’

April 22, 2010

I’ve now seen the Geithner letter to ‘Europe’ that European Voice wrote up today; it’s in fact addressed to Trichet and copied to Barnier.  I’m not sure it amounts to very much .….but perhaps my Twitter question (before sight of the letter) as to whether it was posturing and position-taking was more or less right.

The devil as they say is in the detail and I’m still less than clear just how the processes for OTC derivatives regulation on both sides of the Atlantic are ever going to be aligned.  Clearly they have to be – ‘have to be’ in the sense that there will be mud on a large number of very prominent faces if this is not the outcome.

It seems to me that so much hinges on politicians being sensible and responsible.  Well that’s a big ask.  I certainly look forward to nest week’s ECON session in the European Parliament, as that will give some indication as to how readily commonsense will be able to prevail when it comes to the EU’s approach to exemption for corporate end users.  More watch this space, I’m afraid.

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