The Shifting Roles of the EU, the US and California
Edited by David Vogel and Johan Swinnen
Chapter 12: Transatlantic Regulatory Cooperation: Conclusions and Implications
Axel Marx and Jan Wouters
12. Transatlantic regulatory cooperation: conclusions and implications Axel Marx and Jan Wouters INTRODUCTION In 2006 the US Chamber of Commerce, during the Transatlantic Regulatory Cooperation Forum, stated that it: sees a growing need to reduce existing, and prevent future regulatory divergences in the global market place. We are also keenly aware of the considerable benefits that fewer legal uncertainties and lower operational costs would have on American and European economic growth. A US–EU agreement on regulatory cooperation would set an important benchmark for regulators around the world and reduce the risk of global regulatory fragmentation. [US Chamber of Commerce, 2006, p. 1] This statement makes clear what is at stake for transatlantic cooperation between the EU and US. First, effective transatlantic regulatory cooperation would align EU and US procedures and stimulate economic growth on each side of the Atlantic. With mutual investments of €1.4 trillion and trade in goods and services worth €600 billion annually, a more streamlined transatlantic regulatory environment would significantly reduce costs for producers and consumers on both sides of the Atlantic.1 Second, EU–US regulatory cooperation has beneficial effects for global standardization efforts, especially in the field of environmental governance.2 Yet while the case for it is compelling, realizing regulatory convergence is far from easy, as the experience of the Transatlantic Economic Council also bears out.3 For this reason the contributions to this book on transatlantic regulatory cooperation explore a variety of mechanisms by which regulatory cooperation and learning between the EU and US, with...
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