The UK’s Chancellor of the Exchequer, Alistair Darling, backed tougher Europe-wide financial regulation in a Times article on Wednesday, but stressed that the UK’s financial services industry must not be restrained in global competition.
Darling came out in support of tougher regulation ahead of an EU finance ministers meeting in Brussels on Wednesday, by stating that taxpayers, depositors and bankers would all benefit from stricter rules.
However, he added: “London, whether others like it or not, is New York’s only rival as a truly global financial center. No other centre in Europe offers the same range of services: banking, insurance, fund management, law and accountancy. “It is in all of Europe’s interests that they prosper alongside their close European partners.”
Noting the scale of cross-border effects within banking, Darling strongly backed a European board to monitor systemic risks to financial and economic stability, and called for a single EU rulebook on financial regulation.
Finance ministers from the 27-country European Union are due to meet on Wednesday to discuss deficit reduction and financial regulation.
(Reporting by William James; Editing by Tomasz Janowski)
Topics Legislation Europe
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