EU seeking tighter rules and new growth model

Europe needs a new growth model and tighter regulation to prevent another meltdown, said incoming EU internal market commissioner Michel Barnier yesterday.<br /><br />The former French agriculture minister said the financial crisis meant &ldquo;more governance and regulation where needed,&rdquo; adding, &ldquo;obviously times are different now.&rdquo; <br /><br />&ldquo;Faced with the exit from the crisis that we&rsquo;re trying to shape, faced with a new sustainable, green growth model, Europe has a role to play,&rdquo; he said. Barnier&rsquo;s comments come in the wake of French President Nicolas Sarkozy&rsquo;s boasting that his appointment was a victory for Paris and a loss for the financial free-wheeling Anglo-Saxon model in London.<br /><br />However, Barnier attempted to dispel British anxiety in a French TV interview claiming that he &ldquo;won&rsquo;t take orders from Paris any more than from London or Berlin&rdquo;. <br /><br />That Barnier has confirmed his independence from European capitals is encouraging, said a British Bankers&rsquo; Association spokesman.<br /><br />&ldquo;We have accepted the need for these tighter rules and are working with the European institutions to create an improved framework,&rdquo; he said.<br />