US and Europe lawmakers disagree over financial reform

Since the financial crisis began, lawmakers and politicians globally have stressed that any reform of the banking sector should be the product of international co-operation. Recently, however, cracks have started to appear, with US and European policymakers going down different paths towards regulatory reform.

One of the clearest messages to emerge from the G-20 summit in Pittsburgh in September 2009 was that the regulatory system for banks and other financial firms must be changed to rein in the