the real g2: americans, europeans, and their role in the g20

8/7/2019 The Real G2: Americans, Europeans, and their Role in the G20

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p a p e r s e r i e s

The Real G2:

ameRicans, euRopeans,

and TheiR Role in The G20

Steffen KernHelmut Schmidt Fellow, Transatlantic Academy


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3/16

The Real G2:Americans, Europeans,

and their Role in the G20

Transatlantic Academy Paper Series

February 2011

Sff K*Helmut Schmidt Fellow, Transatlantic Academy

*Sff K T A H S Fw, D f I F MkP D Bk.


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5/16

The Real G2: Americans, Europeans,and their Role in the G20

1

Abstract

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3

Two years after

the first G20

meeting optimism

has given way to

sober realism. Th

U.S. and the EU

are the problem

and its solutio

Introduction

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The G20 as a Forum of International

Financial Market Policy Coordination

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8/16

Transatlantic Academy4

Joint action on

financial market

reform will lead

to superior policy

outcomes. Its

success hinges on

the U.S. and the

EU solving their

bilateral issues

and forging ahead

with international

cooperation.

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5

Traditional

financial centres

in the United

States and the

EU have retained

strong position.

But this cannot

belie the fact

that they are

increasingly

challenged

by emerging

competitors.

The United States and the EU:

Global Centres of Finance and Regulation

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Decline of Traditional Stock Markets

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The G20 process

has arrived at

a low point. It

seems difficult

for the United

States and the EU

to reach beyond

the minimum

consensus.

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7

The economic

evidence sugges

that there is a

strong rationale

for a much close

alignment of

activities and

measures on

financial market

reform between

the United States

and Europe.

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Transatlantic Securities Transactions and

Savings Potential

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The way the

United States

and the EU are

implementing

the G20 financial

market reform

agenda is

leading to even

wider regulatory

discrepancies

than before

the crisis.

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9

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Bibliography

A C (), T g f vg

f f,

A C, Wg.

Bw, D Dv (), Ag

I F Rf, :I Lw, E Gz

Dvg C, J. Fz, C. T, .,

Ew Eg P, ; A Uv,

WCL R P N. 9-9.

I F Sv (),

I F Mk U.K.,

I F Sv L.

K, Sff (8), EU-U.S. f k

g wk g, D Bk

R, Fkf.

K, Sff (), Bf f U.S.-EU

f k g, f

CESR M Rg Tk F, P,

J 8.

K, Sff (), U.S. f k

f f D-Fk A,

D Bk R, Fkf.

K, Sff . (9), C f

k f g f?, D Bk

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M, P R. P, J C. (9),

F Rg Rf: Ug M f

C Ev C P f

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R.

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ff , T B Dg,

B Wg.

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Nw Dg f I F

Rg, Uv f Pv J

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453, 7.


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