Meetings between European Union and US market regulators this week should help end the friction between the two sides over US corporate governance rules that some European firms have to comply with.
Tomorrow Commissioner for Internal Markets Charlie McCreevy starts his first US trip since becoming European Commissioner in charge of the EU's internal market.
He hopes for progress on a range of issues, from the commission's request for greater EU representation on a global accounting rule-making body, to making it easier for European companies to scrap a listing on the US market.
In a draft paper of Mr McCreevy's policy objectives for the next five years, due to be unveiled next month, deepening regulatory talks with the United States is central after the "transatlantic friction" caused by the Sarbanes Oxley Act on corporate governance.
It was introduced after scandals at energy trading company Enron and elsewhere dented investor confidence.
European firms listed in the United States must comply even though they already abide by corporate governance rules at home.
The commission was angry at what it saw as little consultation with the EU in passing an act that has had a major impact on foreign firms. It has been pressing for a system of mutual recognition of rules.