EU internal market commissioner charms London
Michael Barnier, the French EU internal market commissioner, has today completed a 24-hour visit to the UK which is being seen by many as a charm offensive after recent friction between London and the European Union. When Michael Barnier was appointed as the EU internal market commissioner this was greeted as a major victory by French Pres Sarkozy who appeared to indicate his compatriot would use his new powers to "tame the City of London". However, it looks as though the EU Commissioner has seen the light and would prefer to work with London as opposed to working against the City.
This is a welcome break for the UK financial sector which has been under pressure for some time with speculation that the EU was looking to reduce the power of London in the worldwide financial arena. Michael Barnier has confirmed he will work with the City as the EU looks to put together new regulations for hedge funds and private equity firms. It will be interested to see how much input those in the London market are allowed although ultimately the EU may well have finally realised that London could be used as a battering ram by Europe to break into other financial markets around the world.
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