Brussels finance boss tells City: I’m on your side

Chris Papadopoullos
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THE EU’s top finance regulator Michel Barnier yesterday tried to win over London’s traders during a speech in the square mile, insisting he does not want to harm the City.

“The European Commission has no interest in undermining the UK, and no interest in threatening London’s place as the largest European financial centre,” he said.

Barnier had a tough job on his hands in attempting to win favour with his City audience. This month he wrote to European regulators to demand they do more to enforce the new bank bonus cap in the UK.

He also tried to play down fears that the upcoming banking union in Europe would cut the UK’s say.

“We have put safeguards in place to address those fears. Notably preserving the European Banking Authority’s role and in relation to voting arrangements in the EBA,” he said.

Barnier will step down next month to make way for Lord Hill as commissioner for finance.