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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:22 pm on 1st December 2009.

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Photo of Sarah McCarthy-Fry Sarah McCarthy-Fry Parliamentary Secretary, HM Treasury 4:22 pm, 1st December 2009

I will come to that later in my speech, but just to satisfy the hon. Gentleman I should say that we do think that there should be sufficient input from the non-eurozone member states. I shall discuss that, because it was a specific question asked by the European Scrutiny Committee.

The European supervisory authorities will replace the current so-called "Lamfalussy level 3 committees" in banking, securities, insurance and occupational pensions. The new authorities will have enhanced roles and tasks, with the aim of improving the quality and consistency of regulation and supervision in the EU.

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