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    EU Concerned by Trump's Financial Deregulation Efforts

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    US President Donald Trump's moves to deregulate the financial sector are concerning, as they undermine international cooperation and stability, European Commission Vice-President Valdis Dombrovskis told EurActive news website on Friday.

    MOSCOW (Sputnik) — He added that the European Union is waiting "to see what these initiatives will mean in practical terms."

    "What we are emphasising is that there is a need for continued cooperation in international financial governance and supervision. We are willing to do this. When we see signals going in the opposite direction, it raises certain concerns. It is one of the lessons of the crisis: international finance needs international rules and standards. We are not supporting deregulation or scrapping post-crisis financial frameworks," Dombrovskis noted.

    On February 3, Trump signed an executive order to review the Dodd-Frank Wall Street Reform financial regulatory framework, enacted after the economic crisis in 2008.

    European Central Bank (ECB) President Mario Draghi criticized the move, stressing that the financial regulations worked to create global stability following the crisis.

    Related:

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