Dáil Éireann Debate, Thursday - 10 July 2014
25. Deputy Mick Wallace asked the Minister for Jobs, Enterprise and Innovation in relation to the Transatlantic Trade and Investment Partnership negotiations, his views on reports that the EU has put forward proposals that will weaken regulation of the financial sector; and if he will make a statement on the matter. [29924/14]
View answerI am satisfied that the EU’s objective for financial services in the negotiations for a Transatlantic Trade and Investment Partnership (TTIP) is the strengthening of financial stability. The EU Commission set this out very clearly in a document on cooperation on financial services regulation which it published on its website last January,
[http://trade.ec.europa.eu/doclib/docs/2014/january/tradoc_152101.pdf ]
That document very clearly states:
“The EU aims at establishing a framework for regulatory cooperation on financial services in the TTIP. The goal is not to define the substance of international standards, which shall be discussed in the respective fora outside the TTIP negotiations. The goal is to create an institutional framework of EU and US regulators to make sure the EU and US rules work together, which shall contribute towards preventing future crisis.”
The EU’s approach in engagement with the US in this matter is consistent with this.
