According to Reuters, after months of discussions and arguments, the EU has finally begun to come together over how it plans to regulate the swaps industry.

After agreeing to work with the US over working out global standards to police the $600 trillion dollar derivatives industry, which is thought to have played a major role in the financial crisis of 2008, the EU has fallen behind the US’s Commodity Futures Trading Commission in creating and implementing new rules for the system.  An understandable issue, while the CFTC is a US only entity, the EU has to convince whole separate countries to agree before implementing rules.

Though this marks another step taken towards financial stability, it seems there is still a long way to go, and it may take some time before even the next step is made.

The EU has only about three more months to discuss policy before the European Parliament begins to campaign for May elections. And, after which, the EU will have to wait until October for a new European commission to continue.

This should make for an interesting few months as the EU scrambles to get laws in place that synch up to the CFTC’s, which is refusing to acknowledge any rules from foreign regulators that the Commission does not find up to par with its own.