Reforming Financial Markets
House of Lords
Written answers and statements, 21 July 2009
Lord Pearson of Rannoch (UKIP)
To ask Her Majesty's Government further to the answer by Lord Myners on 9 July (HL Deb, cols. 780-1), whether they have power to prevent overall control of the United Kingdom's financial system and its supervision passing to the European Union; and, if so, whether they will exercise that power.
Lord Myners (Parliamentary Secretary, HM Treasury; Labour)
The European Commission has indicated its intention to use Article 95 of the EC treaty as the legal basis for its proposals to establish a European System of Financial Supervisors. The European Commission has confirmed that day-to-day supervision of financial institutions should remain at the member state level.