On November 14-15, the leaders of 20 countries will meet in Washington, DC for an emergency summit meeting on the financial crisis. In advance of the meeting, a senior Bush administration official told the NY Times yesterday that the US did not support the idea of a new international market regulator with cross-border authority.
“This meeting is not about discarding market principles or about moving to a single global market regulator,” said a senior administration official. “There is very little support for that.” He and other officials spoke on condition of anonymity because the agenda was diplomatically fraught.
Some countries such as France reportedly favor much closer international coordination of regulatory agencies, which could lead to “supra-national authorities.”
Although the White House press secretary reiterated on Wednesday that the US would welcome President-elect Obama’s input, some experts said they “expected [Obama] to keep his distance to avoid being pinned down by commitments made by his predecessor.”