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Giving more powers to the European Union to regulate the British financial services would be a "recipe for confusion", UK's Chancellor of the Exchequer, Alistair Darling warned in an article in the Times newspaper on Wednesday.
"We must resist measures, however superficially alluring, that could undermine the effective functioning of our cherished single market," said Darling. The Financial Services Authority should continue to be responsible for supervising individual companies, he said. Making companies directly accountable to more than one authority would add confusion, he wrote ahead of a meeting of EU finance ministers.
Darling 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. Europe is not competing with itself, but striving for global excellence, the Chancellor said. According to him, the development of the City strengthens the European financial marketplace.
"The reality is the real competition to Europe's financial centres comes from outside our borders. And that London, whether others like it or not, is New York's only rival as a truly global financial centre," said Darling. It is in all of Europe's interests that they prosper alongside their close European partners, he added.
Finance ministers from the EU nations are expected to hold a meeting in Brussels today to discuss regulations for financial institutions. Darling's comments came after French President Nicolas Sarkozy said regarding last week's appointment of Barnier as Commissioner, "I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism." Barnier is a former French agriculture minister.
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