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UK TSC urges Barnier to rethink rebuff

Tuesday 9 November 2010 - by Andrew Hickley

The UK's Treasury select committee has urged the European Commissioner for the internal market Michel Barnier to reconsider rejecting the opportunity to give evidence to it about the Commission's plans for financial regulation.

In a letter to Jose Manuel Barroso, President of the European Commission, sent yesterday, Treasury committee chairman Andrew Tyrie argues that full engagement with the Commission is "vital" because the UK has a high proportion of the EU's share of global financial markets.

Barnier turned down an initial invite in October and director general Jonathan Faull offered to attend instead. However, Tyrie's letter indicates that this will not be sufficient.

Tyrie says: "The regulation of this sector is a matter for the Commission at the highest level, all the more so since the banking crisis. Decisions taken by the Commission will affect the UK more than any other EU state. After further consideration of this issue the Committee remains of the view that evidence from Commissioner Barnier is essential."

Tyrie stated that engagement with the Commission is vital to "reassure the industry and public" that the Commission is working with the elected representatives of member states whose interests are most affected by its activities.



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