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Post BNP, EU Wants Equivalence on Banks With U.S., Barnier Says

The European Union wants regulator “equivalence” with the U.S. on financial matters, EU financial services chief Michel Barnier said, flagging the matter as a key issue for trans-Atlantic trade talks.

“What we can’t accept is extra-territorial” actions by the U.S., Barnier said in an interview at the Cercle des Economistes conference in Aix-en-Provence, France. “What we want is equivalence. It’s a matter of common sense.”