UNI Europa and civil society write to TTIP negotiators on financial services regulations
Civil society organisations from the United States and the European Union (EU), write with regard to the Transatlantic Trade and Investment Partnership (TTIP) negotiations and their potential impact on financial regulations, to the Chief negotiators, EU financial regulators and Finance Ministers.
UNI Europa and co-signatories understand that a goal of the TTIP is to further liberalise the transatlantic financial services market. We further understand that liberalisation would be done using rules that simultaneously constrain countries’ ability to maintain or create regulatory policies with respect to liberalised sectors.
Co-signatories believe it is highly inappropriate to include terms implicating financial regulation in an industry-dominated, non-transparent “trade” negotiation. Financial regulations do not belong in a framework that targets regulations as potential “barriers to trade.” Such a framework could chill or roll back post-crisis efforts to re-regulate finance on both sides of the Atlantic whereas further regulation of the sector is much needed. Further, proposals to negotiate TTIP rules affecting regulation of the financial sector could turn financial regulations into bargaining chips that could be traded away for other concessions.
Co-signatories urge the addresses to consider and respond to our specific concerns regarding specific TTIP proposals that would threaten financial stability measures and would limit States’ ability to restore the financial system’s role of serving the real economy.
An American web article can be read here.
The Co-signed letter is attached.