Confernces

26 April 2010 William E. Kennard addresses the 8th Annual European Financial Service Conference in Brussels: A New Deal Between Finance & Society.

The video shows excerpts of the speech below:

(As prepared for delivery)

Remarks by Ambassador William E. Kennard to 8th Annual European Financial Services Conference

April 26, 2010
Brussels, Belgium

(Moderator: John Houston)

Thank you, John.
The title of this discussion is New Deal or Business as Usual. WellI do not agree with the premise of that title as I think that business as usual is not an option. The crisis of the last two years has clearly demonstrated serious shortcomings in the global financial system both in how it does its business and how it is regulated. The consequences of these shortcomings have been large: millions of jobs lost, trillions in lost savings, and thousands of failed businesses. Society is demanding that we address the flaws in the system that allowed this to happen. As President Obama said last week: We have to do everything we can to ensure that no crisis like this happens again. The Administration is working hard to enact reform in the U.S. that would hold financial firms more accountable, improve transparency in financial transactions, and provide consumers and stakeholders the information they need to make decisions. The bills passed by the House of Representatives and voted out of the Senate Banking Committee are a good foundation towards achieving these goals and we will be working very hard to get a strong reform enacted soon.

Just as it is not an option to go back to business as usual, it is not an option for the U.S. or EU to go it alone. The U.S. and EU make up over half of global GDP and the lions share of global capital markets. Our financial systems are highly intertwined. Our banks, investment managers, and insurance companies have extensive operations on both sides of the Atlantic. And, capital is more and more mobile. [In my former life in finance, I saw every day the depth and importance of the global capital markets that can create opportunities for providers and users of capital on opposite sides of the globe.]

In such a world, we cannot achieve alone what we want and need to achieve. Capital can move so easily from one jurisdiction to another. It is easy to lose the benefits we derive from open financial markets and financial innovation that rapidly cross borders if we ignore each other. Different national standards open the possibility for regulatory arbitrage and gaps in oversight, which can undermine the stability of the system with negative consequences for the real economy. To ensure that we meet our responsibilities and address the shortcomings we know exist, we have to act together.

However, the U.S. and EU are different and those differences can make it challenging to work together. Our financial systems have structural differences. We obviously have different political systems. And, as you know, the EUs political system is in the process of digesting a pretty fundamental change with the Lisbon Treaty. These differences have also been compounded by the natural tendency to look inward in times of crisis.

However, on a broad range of issues, we can only achieve effective solutions if we do so together. Thus, we need to figure out how to cooperate while respecting the differences we each bring to the table. On financial services regulation, we need to figure this out quickly.

Over the last 10 years, as weve grappled with, first, the challenges brought on by the rapid globalization of financial markets, and, second, the financial crisis, weve developed closer and closer mechanisms for cooperation. These include the Transatlantic Economic Council, the U.S. EU Financial Markets Regulatory Dialogue, and the elevation of the G-20 to the Leaders level. These mechanisms have helped us resolve potential problems before they arose and deal with tough issues when they have. With the crisis, these mechanisms have I sincerely believe helped us to avert an even worse outcome.

Thus, I believe that there is no option but to take decisive action to address the problems in our financial sectorand to do so together with the EU. We have a strong transatlantic partnershipin this and a range of areasthat gives us a base to do so.

So, if you will let me, Id like to reframe somewhat the question posed for discussion. Rather than will we or wont we reform, since we know we have to take action, how can we best do so together?

Duration : 0:4:26

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Speaker: Arthur Coviello, Jr., Executive Vice President, EMC Corporation and President, RSA, The Security Division of EMC

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The United Nations Conference on Environment and Development, also known as the Rio Summit, Earth Summit (or, in Portuguese, Eco ‘92) was a major conference held in Rio de Janeiro from June 3 to June 14, 1992.

178 governments participated, with 118 sending their heads of state or government.Some 2,400 representatives of non-governmental organizations (NGOs) attended, with 17,000 people at the parallel NGO Forum, who had so-called Consultative Status.

The issues addressed included:

*systematic scrutiny of patterns of production — particularly the production of toxic components, such as lead in gasoline, or poisonous waste;
*alternative sources of energy to replace the use of fossil fuels which are linked to global climate change;
*new reliance on public transportation systems in order to reduce vehicle emissions, congestion in cities and the health problems caused by polluted air and smog;
*the growing scarcity of water.

An important achievement was an agreement on the Climate Change Convention which in turn led to the Kyoto Protocol. Another was agreement to “not carry out any activities on the lands of indigenous peoples that would cause environmental degradation or that would be culturally inappropriate”.

The Convention on Biological Diversity was opened for signature at the Earth Summit, and made a start towards redefinition of money supply measures that did not inherently encourage destruction of natural ecoregions and so-called uneconomic growth.

Twelve cities were also honoured by the Local Government Honours Award for innovative local environmental programs. These included Sudbury, Ontario in Canada for its ambitious program to rehabilitate environmental damage from the local mining industry, Austin, Texas in the United States for its green building strategy, and Kitakyushu in Japan for incorporating an international education and training component into its municipal pollution control program.

The Earth Summit resulted in the following documents:

*Rio Declaration on Environment and Development;
*Agenda 21;
*Convention on Biological Diversity;
*Forest Principles;
*Framework Convention on Climate Change.
Both Convention on Biological Diversity and Framework Convention on Climate Change were set as legally binding agreements.

Critics, however, point out that many of the agreements made in Rio have not been realized regarding such fundamental issues as fighting poverty and cleaning up the environment.

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