Michel Barnier spoke on the progress of regulatory reform in Europe and the US. He said it should not be difficult for the two to work together and that dialogue at the technical level was critical to understanding other markets. He spoke on derivatives, focusing on the need for the US to implement Dodd-Frank and the EU to implement its requirements coherently and consistently. He urged the US to implement Basel III for banks, saying the EU plans to apply rules to over 8,000 banks, while the US is doing so for less than 20. He also urged the US to deliver on its promise to bring convergence to financial reporting. Finally he spoke on crisis management and bank resolution and said his forthcoming proposals for managing banking crises may be the most important reform of his mandate. He praised the US Federal Deposit Insurance Corporation, saying he has studied it closely. He ended by saying he hoped the US would put in place rules on bankers’ bonuses. (Source: Michel Barnier Speech on EU and US Financial Regulatory Reform)