In the wake of the recent financial crisis, massive regulatory changes will not only transform financial markets but will also have major impacts on the global economy as a whole. Advocates stress that increased regulation ensures system safety, while opponents argue that more expensive, less-available credit will harm the recovery significantly as institutions pull back their lending in response to increased regulation. What is Europe doing and how does it compare to the Dodd–Frank Wall Street Reform and Consumer Protection Act? What might be the impact on the global economy?
On June 3, the Initiative on Business and Public Policy (IBPP) at Brookings, along with Global Economy and Development and the Center on the United States and Europe at Brookings, hosted a discussion on financial regulatory reform featuring remarks by European Union Commissioner for Internal Market and Services Michel Barnier, the EU's top official on financial regulation. Commissioner Barnier presented his views of how reforms will change finance and the economy on both sides of the Atlantic and the world.
Brookings Fellow Douglas Elliott moderated the discussion. Commissioner Barnier took audience questions.