EU talks tough, but US banks and hedge funds unbowed

Britain and France say a deal is close on stricter financial regulations in the EU, including on speculative hedge funds, to reduce the chances of another economic crisis.

Though not yet finalized, Europe's plans are already causing tension with Washington. U.S. Treasury Secretary Timothy Geithner has written to the European Commission voicing concern that the plans discriminate against American investors, banks and investment funds.

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For more: EU talks tough, but US banks and hedge funds unbowed - expert - RT Top Stories

Times OnLine: Brown signs up to EU financial rulebook - by David Charter

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Brown signs up to EU financial rulebook - by David Charter

Gordon Brown has signed up to common EU rules for financial supervision but fended off attempts to give new pan-European watchdogs the power to order governments to bail out struggling banks and other bodies. Mr Brown agreed at a summit of EU leaders in Brussels to "a single rulebook" of standards for all European financial institutions as a way of removing differences which have caused difficulties in ensuring compliance from cross-border companies. The plans are a core part of the EU's response to the financial crisis to restore confidence and most European leaders want to push ahead quickly with a new two-tier supervisory system under the model proposed by Jacques de Larosiere, former governor of the Bank of France.

Three new European authorities will get binding powers to oversee and investigate the cross-border banking, insurance and pensions, and securities sectors, and to mediate in disputes between member states. Mr Brown also agreed to the creation of another body, the European Systemic Risks Council, which will act as an early warning mechanism for potential bank failure.

IHT: EU regulators raid drug makers in Europe - by James Kanter

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EU regulators raid drug makers in Europe - by James Kante

European Union regulators have conducted a second round of raids on pharmaceutical companies this week, days before findings from a broad investigation into allegations of anti-competitive practices in the sector is to be released. The EU competition commissioner, Neelie Kroes, began the investigation in January with a series of raids on major drug companies, including GlaxoSmithKline, Pfizer and Sanofi-Aventis, on suspicion that they and other companies were slowing the availability of generics and new medicines.The new raids come as Kroes prepares to outline on Friday her preliminary conclusions on the pharmaceutical sector, which has sales of about €200 billion annually in Europe. It is not yet known whether Kroes will identify particular companies. A determination that companies that make and sell medicines are using unfair practices could lead to large fines, as happened already to AstraZeneca in 2005. Kroes could also recommend changes to the way the industry operates.A spokesman for Kroes, Jonathan Todd, would not identify the companies that were raided this week. He said they were "separate and distinct" from the larger inquiry but may have stemmed from knowledge gathered in it.

Generics makers in Europe have broadly supported the inquiry begun in January. They are trying to get rules changed to make it easier for generics companies to place their products on the market as soon as patents expire, and to raise the hurdles for big pharmaceutical companies to sue makers of generics drugs for suspected patent violations. Note EU-Digest: Great going Mrs. Kroes - this is another positive example of one of the many benefits EU citizens and consumers have in the European Union. Keep up the good work.