Data Flows, Financial Services, and the Global Economy: the TTIP Opportunity
Financial services are the "nervous system" of the global trading system. Their increasing sophistication fuels the global economy. In turn, financial services trade absolutely depends on freedom of data flows, and on well-considered government regulation. These elements come together in the Transatlantic Trade and Investment Partnership (TTIP). TTIP, now stalled and in need of a restart, has the potential to assure that the flows of information necessary for financial markets to operate, will not be arbitrarily interrupted. But progress has (understandably) been blocked by heightened European sensitivities to personal privacy and other concerns. And, TTIP could help resolve differences in the financial regulatory systems in both of these giant economies, but the US is reluctant to engage in such a dialogue. TTIP's great promise is to mesh the regulatory structures of the two biggest economies, to create rules that in turn will influence the behavior of fast growing economies like China and India. This gives urgency to the TTIP negotiations, because the combined weight and influence of the US and Europe is weakening, as other economies account for a greater and greater share of global GDP.
The panel featured:
- Brad Smith, Chief International Officer, American Council of Life Insurers
- Stephen Ezell, Senior Analyst, Information Technology and Innovation Institute
- Charles R. Johnston, Managing Director, International Government Affairs, Citi
- J. Bradford Jensen, Professor, Georgetown University and Senior Policy Scholar, Georgetown Center for Business and Public Policy
- Moderator: Bob Vastine, Senior Industry and Innovation Fellow, Georgetown Center for Business and Public Policy