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Barnier U-turn over evidence to UK MPs

Wednesday 10 November 2010 - by Andrew Hickley

Houses of Parliament in London, UK

The EU internal market commissioner Michel Barnier has agreed to give evidence at the UK House of Commons after coming under pressure from the UK Treasury Select Committee.

Barnier had originally declined an invitation to address the Treasury select committee, instead offering senior official Jonathan Faull to attend as a result of "diary pressures".

But TSC chairman Andrew Tyrie wrote a letter to European Commission President José Manuel Barroso on Monday urging Barnier to attend, arguing that financial regulatory change will affect the UK "more than any other EU state".

Speaking yesterday at a reception hosted by the British Bankers' Association, Barnier offered to attend a future House of Commons hearing, saying that he believes in a "strong City".

Among the recent regulatory changes to affect the UK are increases to banking capital requirements in Basel III, proposed changes to credit rating agencies, and the much-maligned Alternative Investment Fund Managers Directive.



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