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**Bwvapays** · 11-29-2009, 04:42 PM

http://www.ft.com/cms/s/0/c3fd0260-d...nclick_check=1

Boost for France in banks shake-up
By Joshua Chaffin and Nikki Tait in Brussels and Alex Barker in London

Published: November 27 2009 11:35 | Last updated: November 27 2009 21:02

Michel Barnier will take over a job that encompasses a broad swathe of policy, from financial services oversight to accountancy matters, liberalisation of postal services and facilitating cross-border services

France will have a stronger hand in recasting Europe’s post-crisis banking and financial services sector over the next five years after its nominee for the European Commission, Michel Barnier, snagged the internal market portfolio.

The French victory came after months of intense lobbying over top Commission jobs that culminated on Friday in an announcement of new portfolios by José Manuel Barroso, the European Commission president.

Alarmed about Mr Barnier’s possible influence over the City of London, the UK had pressed for Mr Barroso to separate financial regulation from the internal market portfolio. Mr Barroso resisted a last-minute phone call from Gordon Brown, saying on Friday that it had never been his intention to split the job. Instead, he revealed a desire to move financial services into the economic and monetary affairs portfolio, but only once cross-border co-ordination of policies had been improved.

“That comes only when we have a real internal market for financial services,” he said.

The City of London received some reassurance in the form of Jonathan Faull, the British bureaucrat currently heading the justice, freedom and security department, who is to become the top civil servant in the internal market department.

British diplomats also said that they expected to have strong positions in Mr Barnier’s cabinet – the team of people who support the commissioner.

“Even if Nicolas Sarkozy gets on the phone and tells [Mr] Barnier to close down the City of London, it’s not possible for one commissioner to do that,” said one British official.

As new laws are drawn up, there are sharply differing views between European powers, such as France and Italy, which want a more centralised system, and others such as Britain, which want to retain domestic control.

There were fewer surprises for the rest of the top economic posts, whose nominees will still face a confirmation hearing in January before the European Parliament. The competition commissioner’s job went to Joaquín Almunia, the Spanish nominee and holder of the economic and monetary affairs job in the current Commission. His predecessor, the tough-minded Neelie Kroes, will take over the telecommunications portfolio.

Copyright The Financial Times Limited 2009. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web

11-29-2009, 04:42 PM	#3
Bwvapays Join Date Oct 2005 Posts 465 Senior Member	http://www.ft.com/cms/s/0/c3fd0260-d...nclick_check=1 Boost for France in banks shake-up By Joshua Chaffin and Nikki Tait in Brussels and Alex Barker in London Published: November 27 2009 11:35 \| Last updated: November 27 2009 21:02 Michel Barnier will take over a job that encompasses a broad swathe of policy, from financial services oversight to accountancy matters, liberalisation of postal services and facilitating cross-border services *France will have a stronger hand in recasting Europe’s post-crisis banking and financial services sector over the next five years* after its nominee for the European Commission, Michel Barnier, snagged the internal market portfolio. The French victory came after months of intense lobbying over top Commission jobs that culminated on Friday in an announcement of new portfolios by José Manuel Barroso, the European Commission president. *Alarmed about Mr Barnier’s possible influence over the City of London, the UK had pressed for Mr Barroso to separate financial regulation from the internal market portfolio.* Mr Barroso resisted a last-minute phone call from Gordon Brown, saying on Friday that it had never been his intention to split the job. Instead, he revealed a desire to move financial services into the economic and monetary affairs portfolio, but only once cross-border co-ordination of policies had been improved. “That comes only when we have a real internal market for financial services,” he said. The City of London received some reassurance in the form of Jonathan Faull, the British bureaucrat currently heading the justice, freedom and security department, who is to become the top civil servant in the internal market department. British diplomats also said that they expected to have strong positions in Mr Barnier’s cabinet – the team of people who support the commissioner. “Even if Nicolas Sarkozy gets on the phone and tells [Mr] Barnier to close down the City of London, it’s not possible for one commissioner to do that,” said one British official. As new laws are drawn up, there are sharply differing views between European powers, such as France and Italy, which want a more centralised system, and others such as Britain, which want to retain domestic control. There were fewer surprises for the rest of the top economic posts, whose nominees will still face a confirmation hearing in January before the European Parliament. The competition commissioner’s job went to Joaquín Almunia, the Spanish nominee and holder of the economic and monetary affairs job in the current Commission. His predecessor, the tough-minded Neelie Kroes, will take over the telecommunications portfolio. Copyright The Financial Times Limited 2009. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web
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