This tension between global harmonisation and cooperation, on the one hand, and countries’ demands for individual approaches, on the other, will be one of the main fault lines – if not the crucial one – in future US-EU financial relations. Let me elaborate on this challenge.
2 What we should – and should not – expect from international harmonisation Recent years have made us confident – perhaps a little overconfident – with respect to global harmonisation. It would be fair to assume that the global financial crisis and its aftermath played a considerable role in that respect.