What was the rationale for establishing the Transatlantic Economic Council?
How has the council been set up? I’m very glad to say that we needed just a couple of weeks to agree on all the arrangements — size, composition and working methods. We will have a very lean and flexible structure. The council itself has only a very limited number of permanent members. If we have to deal with an issue that falls under the responsibility of a member of the American government or a member of the commission who is not a permanent member of the council, that person will be invited as a member or can participate upon request. Then we have a group of advisers with which we will closely co-operate on relevant issues. But will the council have the teeth to advance economic co-operation? The main reason for establishing the council is to guarantee delivery. It’s very much results-oriented. We do not discuss procedures and processes; we discuss concrete results. But we have to respect the responsibility of the regulatory authorities on both sides of the Atlantic and the personal
