Download TTIP and Financial Services - International Trade Relations

TTIP and Financial Services
Breakdown
 State of trade between the US and EU
 Projected benefits of trade between the US and EU
 The overall goals of TTIP
 Dodd-Frank and the Volcker Rule
State of EU/US Commercial Relations
 Combined, the EU and US account for half of the world’s
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GDP
US investment in Europe is three times higher than in all of
Asia
European investment in the United States is eight times more
than EU investment in India and China combined
33% of world trade in goods is between the US/EU
42% of world trade in services is between the US/EU
Projected Benefits
 Potential to benefit the EU economy by 119 billion euros
 Potential to benefit the US economy by $128 billion
 Increase EU exports to the US by 28%
 Increase US exports to the EU by $300 billion annually
Goals
 Reduce non-tariff barriers
 Harmonize the regulatory framework of the US and EU
 Avoid regulatory redundancies that impede on the
commercial relationship
Dodd-Frank and the Volcker Rule
 Extraterritoriality of Volcker Rule invoking outrage among
EU financial institutions and regulators
 Volcker Rule poses possibly significant detriments for US
banks, US banks operating overseas and foreign banks
operating in the US-increased volatility, increased transaction
costs, more in-depth bookkeeping, independent testing
 Vague terms makes non-compliance and possible
repercussions probable