After his visit to Washington, for his second visit outside of the European Union since he took office, Michel BARNIER has chosen to meet officials of the African Union, to exchange on the lessons to be learned from the financial crisis. This visit follows up the meeting of the two Commissions (AU - EU) that took place in Ethiopia in the presence of Presidents Ping and Barroso, the 8th of June.

Michel BARNIER met with President Jean Ping, Vice-President Erastus Mwencha, Commissioners Tankeu and Lamamra, Mr Abdouli Janneh, Executive Secretary of the UNECA, Mr BT. Costantinos, President of the anti-corruption board of the AU.

For Michel BARNIER, “the lessons of the financial crisis, the challenges of supervising and governing the international financial system must be managed with all continents and of course with Africa, a partner in the G20”.

“This continent is particularly vulnerable to speculations on natural resources, and agricultural products, which scale has increased over recent years”. In cooperation with the African Union, the European Commissioner confirmed his determination to enforce transparency and oversight of transactions on these natural resources markets in order to limit excessive speculations and their consequences on food security.

The officials of the African Union and Michel BARNIER have decided to strengthen cooperation between both Commissions as well as with the Regional Economic Communities (RECs) in Africa and the United Nations, in the fields of interior markets and financial services (quality of norms (standards), public markets, intellectual property, fight against counterfeiting, financial criminality and money laundering).

Michel BARNIER has been invited to present the European agenda on regulation and supervision at the meeting of Ministers of Finance which will take place in March 2011, in Addis Ababa.