U.S., EU have 'special responsibility' to act on financial overhaul

U.S. and European Union officials said Wednesday they have a "special responsibility" to overhaul financial regulations.

Treasury Secretary Timothy Geithner and European Commissioner Michel Barnier met on Wednesday to discuss global capital standards, financial regulations and ways to reduce the problem of "too big to fail" institutions, according to a readout of the meeting. 

The readout said the officials agreed they have, "a special responsibility," because of the United States and European Union represent the world's two largest economies and financial systems.

They said they would pursue "broadly equivalent" standards and laws in the U.S. and European Union in an effort to create a "level playing field," according to the readout.