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definition - Transatlantic_Economic_Council

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Transatlantic Economic Council

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The Transatlantic Economic Council is a body set up between the United States and European Union to direct economic co-operation between the two economies.

It was established by an agreement signed on 2007-04-30 at the White House by US President George W. Bush, EU Council President Angela Merkel (also German Chancellor) and EU Commission President José Manuel Barroso.

The Council is co-chaired by an EU and US official. At the time of establishment these are: Allan Hubbard, director of the National Economic Council; and Günter Verheugen, European Commissioner for Enterprise & Industry. It will meet at least once a year, called by the chairs.

The Council is tasked with helping to meet economic partnership objectives and harmonize regulations (EU and US accounting standards should be mutually recognisable by 2009). Another priority would be a common answer to road safety and petrol conservation and for 2007-8 it will determine regulations for cosmetic testing (aiming to find alternatives for animal testing).

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