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Darling issues warning to new French EU regulation chief

Chancellor Alistair Darling has warned the EU’s new internal markets commissioner against undermining national regulators.

Writing in The Times this morning, Darling stressed that national regulators must remain responsible for supervising individual companies.

The move follows a speech yesterday by French President Nicolas Sarkozy in which he celebrated the appointment of Michel Barnier as internal markets commissioner and called for the “victory” of the European model of financial regulation.

Sarkozy said: “To see for the first time in 50 years a French European commissioner in charge of the internal market, including financial services, including the City [of London]?”

“I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism.”

Darling said moves that “could undermine the effective functioning of our cherished single market” must be resisted.

He said: “As we agreed in June, decisions taken by the new European supervisory authorities should not impact on national budgets. In the forthcoming reform of hedge funds, private equity and derivatives, José Manuel Barroso, the European Commission President, and Mr Barnier will be mindful that Europe is not competing with itself, but striving for global excellence.

“It is too simplistic to argue that financial centres in Europe are just competing among themselves. The reality is the real competition to Europe’s financial centres comes from outside our borders. And that London, whether others like it or not, is New York’s only rival as a truly global financial centre. No other centre in Europe offers the same range of services: banking, insurance, fund management, law and accountancy. It is in all of Europe’s interests that they prosper alongside their close European partners.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I had to admit it, but for once I actually agree with Alistair Darling.
    President Sarkozy ‘s comments (if they have been reported accuratly) are nothing short of a red rag to a bull.

  2. The French deal with ‘excesses’ by chopping off the heads of their leaders.

    Can anybody explain to me why we are in the EU, apart from the currency of course?

    Sarkozy should watch his very short step.

  3. How funny!!

    Sadly we can’t start calling shots now that we’ve ‘signed up’ (er given up sovereignty) to that debacle called the EU – and been outmanoeuvred by the French & Germans for the top jobs!!

    To call GB/AD spineless and ineffective would be a gross understatement – never cared for Mrs T, but I’m damned sure this would not have happened if she was still in charge!!

    PS – dare say Paris will be the new rival to NY in next few years – just watch!!

    😉

  4. Since when has this grubby government ever stood up for our countries interests unless by coincidence they coincide with their own self interests.
    No doubt Darling will use his chocolate fireguard defence followed by Labours usual humiliating capitulation.
    Darling said moves that “could undermine the effective functioning of our cherished single market” must be resisted. Since when have Labour ever resisted the onslaught of the move to a federalist Euro state. They have done everything they can to encourage the erosion of UK sovereignty and now its finally dawning on them what the consequences of their actions will be for this country.

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