Skip to content. | Skip to navigation

Personal tools
Sections
You are here: Home Breaking news EU commissioner tells City of London to 'play the game'

EU commissioner tells City of London to 'play the game'

23 January 2012, 15:52 CET
— filed under: , , ,

(LONDON) - EU internal market commissioner Michel Barnier on Monday urged Britain to "play the European game" in dealing with the bloc over increased regulation for the financial services sector.

Barnier told an audience of bankers in London that the EU "must not hinder the City's energy".

"But I am sure it is in the City's interest, and the wider British interest, to play the European game," he added.

Prime Minister David Cameron refused to sign up to a new European Union treaty in December, when Britain's partners turned down his demand that the City of London financial district be exempt from planned new regulations.

Britain fears that tighter rules could force international banks to quit London -- currently the centre of financial services in Europe -- and re-locate to other jurisdictions.

Barnier insisted there was no "plot" to decrease the power of the City of London, but refused to back down on his demands that Britain should fall into line with the other 26 EU member states.

"Contrary to what I have often read, there is no plot to undermine the City (and) no plot to boost Paris or Frankfurt at the expense of the City."

Decisions on financial regulation at EU level are currently taken by majority voting and not by unanimity.

Barnier, a Frenchman, said he was absolutely opposed to a change in the voting system because it would lead to Germany demanding an opt-out on regulations governing the car industry or France doing likewise on agriculture.

"Opening the door to unanimity on financial services would mean similar demands in other sectors from other member states. And that would spell the end of the single market," he said.


Document Actions