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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 5:32 pm on 1st December 2009.

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Photo of Stewart Hosie Stewart Hosie Shadow Chief Whip (Commons), Shadow Spokesperson (Treasury) 5:32 pm, 1st December 2009

Is it not the case that we will probably end up seeing the European regulatory framework body negotiating with the United States, Japan and others? That, surely, will be the level at which global negotiation will take place, as in the case of trade talks. Is this not an interim step in that direction? Rather than 200 countries negotiating and concluding on a framework global regime, a European body will conduct negotiations on our behalf.

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