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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 do not want to pre-empt or second-guess the ECOFIN negotiations that begin tomorrow. Our line is that the authorities will have no direct powers over firms in emergencies and that there will be no direct EU supervision of Community-wide entities. The authorities will certainly not be able to conduct day-to-day supervision of individual firms. That is the line with which the Chancellor will go to ECOFIN tomorrow.

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