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Although the biggest story had to be the Supreme Courts decision to uphold the Affordable Care Act, the markets may have found even better news in the announcement of a Eurozone agreement, which, among other things, included the introduction of a new system of European banking supervision
With Congress trying to resurrect its end of the year business from the smoldering ruins of the supercommittee, the other major story, was in Europe and whether the Eurozone could be saved and financial contagion could be mitigated
Last week, the world‘s attention remained focused on the EU bailout of Greece as world markets continued to whipsaw in response to Greece‘s announcement that they would hold a national referendum on the bailout plan and then that it wouldn‘t
Earlier this week, in a speech before the International Monetary Conference, Treasury Secretary Geithner stressed that efforts to delay or lessen the impact of financial regulation would hurt the financial industry
Ahead of a visit to Washington to meet with Treasury Secretary Geithner, Michel Barnier, the EU Commissioner in charge of financial markets, sent a letter to the Secretary expressing concerns over the pace of U.S. banking regulation
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Jurisdiction - European Union
Workarea - Banking
Author - Jason M. Rosenstock
Firm Name - Mintz Levin Cohn Ferris Glovsky and Popeo PC
