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The meeting of European Union finance ministers in Brussels will be "complicated", Swedish finance minister Anders Borg told reporters before the meeting. He is set to chair the Ecofin meeting today that will consider important issues such as improved financial market supervision and several other tax matters.
Finance ministers intend to reach a consensus on financial regulation. The European Commission proposal to formulate a watchdog that oversee banks and other financial institutions in the EU reportedly would involve division of supervisory powers between national and European levels. Borg expects a decision in today's meeting.
Earlier in the day, UK Chancellor Alistair Darling warned in an article in the Times newspaper that giving more powers to the European Union to regulate the British financial services would be a "recipe for confusion". He urged EU Commission President Jose Manuel Barroso and Michel Barnier, the next Single Market Commissioner to formulate regulations for hedge funds, private equity and derivatives, not to take business away from the City.
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