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French commissioner may get vital Euro regulation role

The French EU commissioner may get the internal markets and financial services portfolio in the next European Commission.

According to reports today in French newspaper Le Monde, a French minister, Michel Barnier, is likely to hold the post following France’s support for a Brit, Lady Ashton, taking on the role of EU foreign policy chief.

Ireland’s Charlie McCreevy has held the post of EU commissioner for internal markets for the past five years and the French have made no secret of their desire to take over the position.

The role of internal markets commissioner will be vital to the proposed European reforms of packaged retail investment products and may well influence the outcome of the retail distribution review.

The FSA will have to get a number of its RDR proposals, such as those involving qualifications and remuneration, rubber stamped by the European Commission as they go beyond current European regulations.

It is understood the UK is pushing for financial services to have a separate dossier with the role of internal markets commissioner split.

Cicero Consulting director Iain Anderson says: “‘France has long wanted to get the internal market role. There is speculation that the internal market remit might now be split between the economic and monetary union commissioner and a new financial markets commissioner – given the desire by many EU policymakers to focus on financial sector issues.’

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. Potentially very dangerous for UK Plc. The French have form. Whenever they get involved their primary aim is the protection and promotion of French interests. They will do deals with like minded countries, but this since before de Gaulle, has not included the UK.

  2. Charles Degaulle delayed the UK entry into the EU to allow the French to set up the
    The Common Agricultural Policy (CAP) so that European Union funded the French peasant farmers with massive agricultural subsidies and that still remains the case today. They will do the same with financial services. The question many are now asking is could rule by the French be any worse than rule for our new government the quasi governmental/judicial FSA RDR? I’m affraid to say the answer is yes!

  3. Let the Finance Wars commence. Control of Financial Regulation means control of the markets which may well include location..

    Is the Government completely blind, take away the income from the markets and welcome food parcels from the third world.

    At the same time amalgamate the Armed Forces – Place a big notice outside Parliament – This Sub Post Office is now Closed All enquiries The Socialist Bureau – Brussels

  4. My appologies for going anon, but as I am referring to another family member, it would be unfair to drag them in, but my comments are relevant.
    If we are looking at it from an IFAs perspective, whilst Europe may be good for us, one where the prime controller has a French approach to things could be a problem.
    I have a family member who is senior in a business which requires staff from the UK, France, Belgium, Holland, Denmark and so on. The employer and senior managers have the most problems dealing with French staff due to employment law which effectively emans the employer is always wrong and often at the expense of staff of other nationalities. As such, if this is applied looking at the relationship between consuemr and service provider, it will be horrendous for the small adviser where the relatinship under English Law is practically one of equals as it should be (if ignored to some extent by the F-pack’s rules which are one size fit all), but if French employment law were used as a template with client and customer dealings as a result of this different mindset, we mighr as well kiss goodbye to anyone getting advice in the future….

  5. F-Pack Wooden Spoon Award Team 21st November 2009 at 4:48 pm

    Lets face facts. We get the worst of UK-FSA regulations and none of the none of the European benefits such as ECHR in our business. Although I am anti joining Europe, can we have at leaast some benefit from at least one side of the channel. The Europenas would never put up with the Incometent F-Pack.

  6. As reported in the Sunday Times, Gordon Brown was completely outmanoeuvred by the French and Germans last week.
    Could this be because he took his eye off the bigger picture? It is now clear the Europeans were content to have unknown bureaucrats in the two top jobs. So ‘Big Brain’ Brown misread the situation by pushing well known political figures from the UK. Big mistake!
    The UK has a heavy reliance on ‘Financial Services’, in it’s widest sense, much as the Germans have on engineering and manufacturing.
    The French however protect from ‘Foreign’ takeover a food processor such as Danone citing ‘strategic national interest’ whilst expecting everyone else to accept that French nationalised industries in power, water, telecoms etc. can walk the world stage while remaining protected at home in France.
    They seriously dislike the Anglo-Saxon model of ‘Financial Services’ so will promote there own.
    The problem is that Gordon ‘BB’ Brown doesn’t care a fig for the position of the UK, his only concern is holding on to power. Pursuing this end, with increasingly desperate attempts, just makes him more and more accident prone. This is just another example which highlights the need for an election, which as long as it does not result in a hung parliament, would give the UK a fighting chance of getting some sensible political direction back.
    As much as I dislike Cherie Blair she was obviously correct in her remark that Brown is a ‘flawed’ personality.

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