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Darling hits out at plans for greater EU regulation

CHANCELLOR Alistair Darling has found German support in his bid to stop Europe-wide financial watchdogs having the power to dictate rules to national regulators.<br /><br />Darling spoke out against the two proposed bodies at a Luxembourg meeting of European finance ministers, with backing from his German counterpart Peer Steinbruck.<br /><br />The row is over whether the proposed EU supervisors should have the power to tell a government to use taxpayers&rsquo; money to help ailing banks.<br /><br />Darling argues that national authorities, rather than EU bodies, should have the biggest say &ndash; in line with long-standing EU tax policy.<br /><br />&ldquo;There is a principle here &mdash; that taxation is clearly a matter for member states. It is not a European Union matter,&rdquo; Darling said.