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Trichet: Global Governance Today

Speaker: Jean-Claude Trichet, President, European Central Bank
Presider: Robert E. Rubin, Co-chairman, Council on Foreign Relations; Former U.S. Secretary of the Treasury
April 26, 2010

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This meeting was part of the C. Peter McColough Series on International Economics.

Jean-Claude Trichet, president of the European Central Bank, emphasized the need for global coordination of financial regulation in an April 26 address at the Council on Foreign Relations. Trichet argued for unified international accounting and capital standards for banks, as well as more say for industrializing countries in structuring global financial markets. Emerging-market economies have become "a source of strength for the world economy," he said, and the economic crisis has "led to a clear recognition of their increased economic importance and to their full integration into the institutions of global governance." Trichet declined to comment about ongoing negotiations over the IMF-EU joint bailout for Greece and said he was "confident that they will be concluded soon and rightly." In comparing European and U.S. views on financial reform, he said the biggest disparities included the greater influence of investment banks in U.S. policymaking and vastly different accounting practices between European and U.S. companies. "We need accounting rules that will be the same on both sides of the Atlantic," he said.

The meeting highlights below feature former U.S. Treasury secretary and CFR co-chair Robert Rubin, the moderator of Trichet's discussion with CFR members.

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