EU: Financial Regulation

House of Lords written question – answered on 21st July 2009.

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Photo of Lord Willoughby de Broke Lord Willoughby de Broke UKIP

To ask Her Majesty's Government whether, in their response to the House of Lords European Union Select Committee's report on The future of EU financial regulation and supervision (14th Report, HL Paper 106), they will assess in particular the finding that "the institution of any single supervisory authority would require substantial revision of the EC Treaty", in the light of the European Union Commission's statement that such a change can take place under Article 95 of the Treaty of Rome.

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

The European Commission has said it will not propose a single supervisory authority in the EU. Instead, the Commission has indicated that it intends to propose Article 95 of the EC treaty as the legal basis for its proposals to establish a European Systemic Risk Board and a European System of Financial Supervisors. The Government will look very carefully at the Commission's legislative proposals, due in the autumn, to ensure that they are compatible with the treaty and the principles of subsidiarity. The Government will submit their response to the Select Committee's report as usual, within two months of its publication.

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