Us-Eu Regulatory Convergence: Capital Markets Issues

18 Pages Posted: 20 Nov 2003

See all articles by Robert Pozen

Robert Pozen

MIT Sloan School of Management; Brookings Institution

Mario Draghi

Goldman Sachs International


The U.S. and the E.U. are the two most important areas in terms of capital raising and securities trading, so together they constitute the "G-2" of the capital markets. Through informal leadership, the G-2 can help resolve some important regulatory issues between the U.S. and the E.U. while providing precedents for the global capital markets. The key issues in the U.S. include: reconciliation of accounting systems, extraterritorial application of Sarbanes-Oxley, and U.S. access to E.U. trading screens. The key issues in the E.U. include: E.U. restrictions on pension management, differential treatment of financial conglomerates, and no uniform E.U. rules on takeovers.

Note: This paper was written as part of the "Future of the Transatlantic Project" of the Bertelsmann Foundation and the Center for Applied Policy Studies (CAP) at the University of Munich.

Keywords: capital markets, securities regulation

JEL Classification: G15, K22, K33

Suggested Citation

Pozen, Robert and Draghi, Mario, Us-Eu Regulatory Convergence: Capital Markets Issues. Available at SSRN: or

Robert Pozen (Contact Author)

MIT Sloan School of Management

100 Main Street E62-483
Cambridge, MA 02142
United States

Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

Mario Draghi

Goldman Sachs International ( email )

Peterborough Court
133 Fleet Street
London, EC4A 2BB
United Kingdom
44.207.774.4377 (Phone)

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