The EU’s international partners are not fulfilling their promises to introduce new global financial market regulation, European Commission President José Manuel Barroso said today.

Speaking at the end of a summit of EU leaders in Brussels, Barroso said there were “worrying signals” that reform of financial services supervision was being watered down. Not all parties showed the same commitment to keep the emphasis on financial reforms and fighting protectionism, he said. 

Barroso said the EU would agree laws on hedge funds, bank credit and capital requirements before the next meeting of leaders of the G20 group of the world’s richest and fastest growing countries, which is to be held in Toronto on 26-27 June

The leaders of the EU’s national governments issued a statement after their summit calling for “rapid progress” on strengthening financial regulation and supervision within the EU and in international fora such as the G20 in order to achieve a level playing-field.

Differences have emerged between the EU and the US over the regulation of hedge funds. Draft EU legislation currently being discussed by ministers and MEPs would ban hedge funds based outside the EU from being sold within the EU unless they are subject to regulation equivalent to the Union’s.

European banks are also concerned that EU rules on capital adequacy under discussion would impose stricter requirements than their global competitors, especially in the US. They warn that strict capital requirements would limit their ability to offer credit to households and businesses.

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