Reforming Financial Markets

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

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Photo of Lord Pearson of Rannoch Lord Pearson of Rannoch UKIP

To ask Her Majesty's Government further to the answer by Lord Myners on 9 July (HL Deb, cols. 780-1), whether they have power to prevent overall control of the United Kingdom's financial system and its supervision passing to the European Union; and, if so, whether they will exercise that power.

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

The European Commission has indicated its intention to use Article 95 of the EC treaty as the legal basis for its proposals to establish a European System of Financial Supervisors. The European Commission has confirmed that day-to-day supervision of financial institutions should remain at the member state level.

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