Some Thoughts On EU Financial Reforms

In the context of a transatlantic comparison, the first thing to be mentioned is the difference between the time sequence of financial reforms in the EU and its equivalent in the US. The financial crisis started simultaneously on both sides of the Atlantic, with the initial disruption of some segments of financial markets in August 2007 and the major panic episode of September-October 2008. But they are not at the same stage of policy reaction and especially regulatory reform now. At least four reasons can be identified for this difference.