L'intégration des marchés financiers transatlantiques manque d'ambition

Cette analyse de Bernhard Speyer de Deutsche Bank Research examine l’état d’avancement de l’intégration des marchés financiers européens et américains. Cet article conclut qu’il faut faire plus d’efforts dans le secteur privé et au niveau réglementaire. Il explique les bénéfices importants qu’une intégration plus poussée pourrait avoir en termes de coûts de transaction réduits et de plus grandes liquidités, analyse les obstacles et souligne l’importance de la convergence des normes comptables. 

Summary

Transatlantic regulatory dialogue must move beyond damage control. The objectives of the transatlantic regulatory dialogue comprise damage prevention, dispute resolution, coordination of positions in multilateral fora (e.g. WTO, IOSCO) and pro-active market integration. The first two have already yielded some good and overdue results. Policy coordination holds great potential, and so does the fourth objective. Unfortunately, progress has been slow on the latter, so far.

Potentially substantial benefits. Transatlantic capital market integration promises substantial benefits in terms of lower transaction costs, higher liquidity, and less home bias. These will only come about, though, if both the private and the official sector become more active.

Convergence as guiding principle. The guiding principle for building a transatlantic financial market should be a gradual convergence of rules resulting in mutual recognition of equivalence. On the basis of mutual recognition, the general principles of home country control and passporting could then be applied – though inner-EU experience suggests that nations will always be wary of fully accepting home country control.

Several obstacles along the way. Apart from protectionism, several obstacles stand (potentially) in the way of transatlantic financial market integration – many of them familiar from the EU’s own integration process: the complexity of the task, divergent private sector interests, political meddling, and the difficulty for the EU to guarantee a high supervisory quality in all 25 member states.

Transatlantic integration is a function of EU integration. The faster and deeper the EU’s financial market integration, the greater the EU’s bargaining power and its influence on international rule-setting.

Accounting standards are by far the most important issue. This is so not only because of looming deadlines, but more importantly because they constitute a pre-condition for progress on many other issues, such as the mutual recognition of listing standards. While there is some hope for mutual recognition following the publication of the SEC’s « roadmap » in April 2005, open questions remain.

Other issues warrant attention, too. Other issues on the agenda are Basel II, the regulation of rating agencies, (de)listing and deregistration, antimony laundering and direct access to trading platforms.

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