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EU finance minister attempts to reassure the City

Michel Barnier, the new EU finance minister, has today attempted to reassure the City of London that financial rules governing European markets will be dictated by Europe and not by France. Despite the fact that Mr Barnier is a very close political ally of France's president Sarkozy he has begun to try and defuse what has turned out to be a very controversial political argument.

There have been fears in the London markets for some time that the EU has been looking to reduce the power of the UK financial arena and increase the attractions of the European market. Indeed the likes of France and Germany have looked at the UK with jealousy for many years because the UK financial markets are only second behind the US. So can the UK now rest easy?

At the end of the day, the proof is in the pudding and so far we have seen no regulations or new rules introduced to the European arena. Economists in the UK are withholding their opinions at the moment until they see how the current situation pans out and what focus is placed upon the strength of the UK financial markets. However, there are still fears that the EU is looking to crack the domination of London on both the European and the worldwide stages.

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