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Myners hits out at EC proposals

City minister Lord Myners has hit out at the European Commission’s proposals for financial regulation, over concerns they will take control away from the UK’s national supervisors.

In a speech to the House of Commons European Scrutiny Committee yesterday, Myners said while he broadly endorsed the EC’s proposals, he is concerned about plans for EU authorities to change decisions made by national supervisors through a binding system of mediation.

Last week the EC called for the creation of a new European Systemic Risk Council and European System of Financial Supervisors as part of its reforms to financial supervision in the EU.

The EC said a European Systemic Risk Council should monitor and assess risks to the stability of the financial system as a whole.

The Commission says national bodies should be responsible for day-to-day supervision of financial institutions, but EU authorities should have the power to force action if it disagreed with national supervisors.

Myners said: “We oppose a European single supervisor, because national governments are the only bodies capable of providing any fiscal support to firms. It would not be appropriate to transfer such powers to the EU while leaving national governments accountable.”

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