BAILOUT CREATES  US- EU INTEGRATION

November 25, 2008

In The News

Bush Legacy European Socialism by Dick Morris and Eileen McGann

EU & CANADA DEEP          INTEGRATION

Provinces Key to EU Trade Deal, Quebec Premier Says - October 3, 2008

 

McCAIN SPEECH

October 5, 2008

In The News

John McCain's Speech to the Los Angeles World Affairs Council - March 26, 2008

 

"The future of the transatlantic relationship lies in confronting the challenges of the twenty-first century worldwide: developing a common energy policy, creating a transatlantic common market tying our economies more closely together, addressing the dangers posed by a revanchist Russia , and institutionalizing our cooperation on issues such as climate change, foreign assistance, and democracy promotion." 

 

TCM OVERVIEW

October 4, 2008

In The News

7-Year Plan Aligns U.S.; Rules, Regs to be Integrated - WND January 16, 2008 

"Six U.S. senators and 49 House members are advisers for a group working toward a Transatlantic Common Market between the U.S. and the European Union by 2015. The Transatlantic Policy Network – a nongovernmental organization headquartered in Washington and Brussels – is advised by the bi-partisan congressional TPN policy group, chaired by Sen. Robert Bennett, R Utah."

".....An economist from the World Bank has argued in print that the formation of the Transatlantic Common Market is designed to follow the blueprint of Jean Monnet, a key intellectual architect of the European Union, recognizing that economic integration must inevitably lead to political integration."

".....No document on the TEC website suggests that any of the regulatory changes resulting from the process of integrating with the EU will be posted in the Federal Register or submitted to Congress as new free-trade agreements or as modifications to existing trade agreements. In addition to Bennett, the advisers to the Transatlantic Policy Network includes the following senators: Thad Cochran, R-Miss.; Chuck Hagel, RNeb.; Barbara Mikulski, D-Md.; Pat Roberts, RKan.; and Gordon Smith, R-Ore." - Jerome Corsi - WND

 

U.S.STATE  DEPARTMENT DOCMENT

October 4, 2008

In The News

The Transatlantic Energy Challenge - Security, Prosperity, Climate

 

“The European Commission has put forth some very interesting proposals along these lines saying that member states must act as one and that there ought to be a European energy market as opposed to individual national markets only. The EU ought to impose restrictions on the bundling of energy companies and energy supply so that it breaks up monopolistic tendencies in the marketplace. The idea of vertical integration where the same entity controls both the supply and the distribution. It is a principal that is applied in other parts of the economy and the Commission proposed that we ought to be applying this in the European economy more broadly. I think it is the direction that thinking has to go to build this sense of a common impact of what’s happening on this issue and a sense of solidarity in dealing with it”. - Kurt Volker, Principal Deputy Assistant Secretary for European and Eurasian Affairs

U.S.STATE  DEPARTMENT WEBSITE

October 4, 2008

In The News

Strengthening the U.S.-EU Economic Partnership

Transatlantic Economic Council

U.S.-EU Air Transport Agreement

2004 Stakeholders Dialogue on the Transatlantic Economic Relationship

U.S.-EU Summit Economic Report

Framework for Advancing Transatlantic Economic Integration between the United States and EU

Progress Report on Economic Initiative

Fact sheet on Initiative to Enhance Transatlantic Economic Integration and Growth

TRANSATLANTIC       COMMON MARKET

October 4, 2008

In The News

A Unified Atlantic Market; Views of two Economists - Domenec Ruiz Devesa and Costantino Pischedda 

 

Economic integration must and will lead to political integration. An integrated market requires common institutions producing common rules to govern it.

 

Close transatlantic economic interdependence is also demonstrated by the rapidity with which financial turmoil crosses the

Atlantic. A summer 2007 bank crisis in Europe started because of investments in high-risk bonds issued in the US sub-prime mortgage-market.

 

In the automobile industry, companies are forced to test vehicles twice in order to comply with

both US and EU regulations. Different investment and banking rules are also a problem. For example, the EU treatment of private equity is substantially more restrictive than in the US, and differences in the regulation of mortgage markets likely lay behind the recent bank crisis mentioned above. Without institutionalized transatlantic consultation and coordination, such regulatory duplication and discord will likely proliferate. - Domenec Ruiz Devesa  

 

Politics of a Transatlantic Market: Better than an FTA

 

“We have had discussions about a potential transatlantic free-trade area (FTA) for years, and we have run up against a certain amount of resistance. We recognize that the idea of an FTA faces challenges, particularly within certain parts of Europe and the very idea of an FTA is controversial now in many segments of political opinion within the US. What we’re hoping to do is trump that kind of opposition by going through a very different model.” - Rep. Phil English

 

Creating a Barrier - Free Transatlantic Market

 

“We may look back on this and say that the Merkel initiative was one of the most significant things that affected world trade, and did so in a very quiet sort of way. Now, it has to be institutionalized if it is going to survive. There have to be appointments on both sides in Treasury, in Commerce, in Transportation, whatever the issue might be, the Federal Trade Commission, you have to go all the way across the board and say this will be the executive appointed to work on the Merkel initiative from the FDA, this will be the executive at Treasury, so there is a point-man or woman in the key agencies on both sides of the Atlantic to make this work.” - Sen. Bob Bennett

 

Review of Progress Under the Framework for Advancing Transatlantic Economic Integration

 

"The leaders of the United States of America and the European Union agreed on a Framework for Advancing Transatlantic Economic Integration (“the Framework”) and established the Transatlantic Economic Council (the “Council”) to oversee the efforts outlined in the Framework, with the goal of accelerating progress and guiding work between U.S.-EU Summits."

 

"The U.S. Securities and Exchange Commission (SEC) and the EU Commission have made progress in seeking to ensure conditions for U.S. Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS) to be recognized in both jurisdictions without the need for reconciliation by 2009 or possibly sooner."

 

Completing the Transatlantic Market

 

For this Transatlantic Market initiative to succeed, the Congress and the White House in the United States and the main institutions of the European Union—the European Parliament, the Council, the Commission--will need to be more closely involved than ever before in transatlantic economic relations. Only they can apply a sense of focus and urgency to the roadmap and to avoid wherever possible diverging, conflicting and burdensome legislation and regulations that would impede progress toward that goal. In this effort, they must work closely with the individual American state governments and the member states of the European Union.  

 

TRANSATLANTIC     ECONOMIC COUNCIL

October 4, 2008

In The News

Transatlantic Economic Council

 

"The centerpiece of the April 2007 U.S.-EU Summit was the Framework for Advancing Transatlantic Economic Integration, signed by President Bush, German Chancellor Merkel, and European Commission President Barroso. The Framework brings a new political impetus to promoting already strong U.S.-EU economic ties and working together on a wide range of economic issues."

Joint Statement of the Transatlantic Economic Council - November 9, 2007

 

"The United States and the European Union recognize the importance of our shared commitment to reducing barriers to international trade and investment to increase the standard of living of our citizens. Our leaders agreed at the April 2007 U.S.-EU Summit on a Framework for Advancing Transatlantic Economic Integration between the United States of America and the European Union, which indicated priority areas for work."

 

"On accounting standards, we anticipate that the U.S. Securities and Exchange Commission will soon complete a rulemaking to accept, without reconciliation to U.S. GAAP, financial statements of EU issuers prepared in accordance with International Financial Reporting Standards; and that the European Commission is preparing a mechanism that will allow use of U.S. GAAP."

Readout of the First Meeting of the Transatlantic Economic Council - November 9, 2007

 

"MR. VERHEUGEN: Thank you very much, Al. Ladies and gentlemen, after so many years, could even say decades, of failed attempts to find a solution for a problem of non-tariff barriers, unnecessary red tape, unnecessary obstacles for doing business -- both are (inaudible). We now finally have found a working method, a way to work together which produces results. I must say that I am absolutely impressed by the fact that after so few months of preparation, we have been able to make more progress in one meeting than we could do with the previous method in years."

 

"And I can confirm what Alan Hubbard has said. The difference is that we now have political guidance, political steering and political responsibility to solve issues which are only seemingly technical."

 

Second Meeting of the Transatlantic Economic Council - May 13, 2008

 

"A year ago, at the EU-U.S. Summit meeting of 30 April 2007, our leaders committed themselves to deepen and broaden transatlantic economic ties and signed the Framework for Advancing Transatlantic Economic Integration (Framework), which set up a joint political-level body, the Transatlantic Economic Council (or TEC), comprising U.S. Cabinet Members and European Commissioners, to oversee implementation of the Framework’s work program. Since last April, we have been working energetically towards that goal."

 

"Work on mutual recognition in securities regulation has intensified and the EU and SEC will define a process for carrying out comparability assessments of their securities regimes later this year. The TEC also encourages the implementation of other approaches to facilitate cross-border financial services, such as providing relief from local licensing requirements for securities firms engaging in cross-border business with certain sophisticated investors." 

Fact Sheet: Advancing Transatlantic Economic Integration - May 13, 2008

"This week, the Transatlantic Economic Council (TEC) met for the second time in Brussels, continuing its work to remove barriers to transatlantic trade and investment, and promoting economic integration. The U.S. delegation included Agriculture Secretary Ed Schafer, Labor Secretary Elaine Chao, U.S. Trade Representative Susan C. Schwab, Deputy Treasury Secretary Robert Kimmitt, Food and Drug Administration Commissioner Andrew von Eschenbach, Securities and Exchange Commissioner Paul Atkins, Assistant to the President for International Economic Affairs Daniel M. Price, Administrator of the Office of Information and Regulatory Affairs Susan Dudley and other senior Administration economic officials. The European Union delegation, led by Guenter Verheugen, Vice-President of the European Commission, included Commissioners Peter Mandelson, Charlie McCreevy, Meglena Kuneva, and Laszlo Kovacs, as well as other senior Commission economic officials."

 

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