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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 6:37 pm on 1st December 2009.

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Photo of Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury 6:37 pm, 1st December 2009

I thought that that was what I was doing in quoting Monsieur Barnier when he said that he sees the importance of the City of London, not just to the UK but to the EU.

A couple of hon. Members said that the fiscal safeguard clause appears to be contradictory, because if this is covered in the legislation we should not need an opt-out clause. The whole point is that it should, in practice, never need to be used. It is clearly stated in the legislation that the ESAs are required to ensure that they do not impinge on member states' fiscal responsibilities, so that is not a problem.

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