Michel Barnier, the EU internal-market commissioner, is voicing concern about financial-regulatory reform in the U.S. "It would be particularly damaging if the U.S. authorities started a trend of regulation based on an approach that does not recognize the capital and liquidity requirements imposed in other jurisdictions on the basis of global standards, and did not rely on the supervisory activity there," Barnier says in an article. "It would be a great concern if duplicative rules were imposed in isolation as it would start a process of costly replication worldwide, leading to capital and regulatory fragmentation."

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