But the train is launched the shift revolutionary and a back is now unlikely

In two weeks, the chances of a regulation world to control the two great challenges posed by the financial crisis and climate change have significantly increased. Blow on blow, the Obama administration announced, on 17 June, a vast reform of US financial regulation, while the House of representatives passed, a week later, the first legislation to limit greenhouse gas emissions and to create a carbon market. Of course, this vote has been acquired by a short majority and the battle in the Senate promises to be even tougher. Similarly, the guidelines on the financial regulation, although very down the "big bang" regulatory initially envisaged, are making unanimity across the Atlantic, with is also long debates into perspective before adoption by the Congress. But the train is launched, the shift, revolutionary, and a back is now unlikely.

This dual success of Barack Obama get a vote positive, even partial, of the Congress, well before the appointment of Copenhagen was a risky bet is also a double victory for Europe. The Union has for long international leadership in the fight against climate change, but it was never managed to convince Washington to follow in this field. But the commitment of the first polluter on the planet (now overtaken by China) was essential to extract concessions from the large emerging countries in economic catch-up phase, condition of the effectiveness of European efforts. Similarly, the Union, under French Presidency, had launched the agenda of the G20 on financial regulation and maintained the pressure that the United States adhere before that the stabilization of the planet finance supports advocates of a return to "business as usual". It is made.

But beyond this diplomatic success, it is the content of the American measures that strongly bears the mark of Europe. It is clear on the record of climate, even if the text voted by the House of representatives is well below the packet "20/20/20" adopted by the twenty-seven in December 2008, or even a Franco-German expectations of Washington. The objectives and the instruments to achieve this are similar and share across the Atlantic, and if the rise in the American regime in the reduction of CO2 emissions will be slower to 2020, the United States should have exceeded Europe by 2050.

It goes same for financial regulation, where the guidelines adopted by the Obama administration on the control of systemic risks and supervision of financial institutions seem very close to those of the Larosière report, adopted by the European Council. More significant still, the principle of regulation of over-the-counter derivatives markets in the heart of the financial crisis now part of the American agenda, and endorsed by the President of the SEC. Here again, the technical implementation is to define and the legislative battle will be long, but also, European influence prevailed on this crucial point.

As to return the favour, Washington has made service in the EU in announcing his plan to reform shortly before the European Council in June, isolating London in its opposition to the European financial supervision authorities proposed by the Larosière report. The vote on 25 June on climate should similarly assist the Swedish EU Presidency to finalise the European positions for the Copenhagen Conference.

Finally, the dual American evolution supports the hopes of a financial and climate regulation world. The financial record is, in itself, largely a transatlantic case, apart from its monetary and commercial dimension. As international negotiations on climate, transatlantic convergence in significantly increases the chances of success by taking an excuse of weight in Beijing and New Delhi, a fortiori if the WTO fits the principle of a "carbon tax" on failure. But on two records, the prospects for economic upturn must not to lose the current momentum and the appointment of Pittsburgh (September G20) and Copenhagen will be decisive here.

So the European Union confirmed its vocation claimed "international normative power!" So, beyond the example, the old Continent succeed to overcome the crisis at the top The latest OECD forecasts confirmed that Europe would be much slower than the United States and major emerging economies to return to growth. More importantly, while Washington and Beijing have made a solid investment opportunity in the future (education, research, health, environment, infrastructure...), the crisis continues to erode the community disciplines, to fragment the single market and to renationalise policy, economic, behavioural and discourse structures. Even on the climate issue, the alliance of the power of fire and American technological dynamism may challenge his leadership of influence in Europe. Address these challenges, the new European Commission cannot settle the sole purpose to restore the status quo ante, "business as usual" from before the crisis: which was already insufficient yesterday is even more tomorrow. It's a true leap in terms of ambition and solidarity which Europe will need to meet the challenges of the post-crisis and over the next decade. With what leaders