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May I get a little further with my speech? I shall give way to the hon. Gentleman then.
We think it is important to have more effective rule-making and enforcement, as that will increase the efficiency of cross-border firms operating in the EU. The authorities will be required to conduct supervisory peer review to ensure consistently high standards. As I have said, they will also have powers to mediate in disputes between supervisory authorities. The Government support the authorities having those roles, as a way of improving the quality and consistency of supervision and enhancing stability.
I give way to Mr. Fallon.
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