Jonathan Faull, a high-ranking European Commission official, raised many eyebrows and a chuckle or two among reporters and politicians when his new job was announced - Director General for the Internal Market and Services. Daniel Cohn-Bendit, co-chair of the Greens/EFA Group, announced that Faull's job would be to keep an eye on Michel Barnier, the new EU internal market and services commissioner, and Barroso had expressly instructed Faull to do so “under pressure from the City of London”. The City of London has certainly tried to stop the internal market and services commissioner being someone of French nationality and organised a real campaign against such an appointment in the media, or the sections of it close to the City's views, but this did not stop Barroso giving Barnier the job. Barroso even said that it was Barnier who himself who had selected Faull as director general.
In reaction to the outcry in this connection, Barnier gave details about his very vague policy guidelines for financial services, saying he was not intending to introduce regulations left, right and centre, but instead wanted smart regulations. He said that even in the City of London, some people are calling for more regulation. This didn't stop the spokesman for the Conservative Party in London, William Hague, from saying that the European Commission's proposals may seriously damage our financial services industry. The French president, Nicolas Sarkozy, set the cat amongst the pigeons when he said that the British were the “losers” in the distribution of new jobs at the Commission, implying that French ideas about regulation had won the day in Europe. Angela Knight, the British Banking Association's chief executive, said “M. Sarkozy must surely recognise that he has undermined the EU with his statements and put a question mark over the impartiality of his nominated commissioner that will not be easily dispelled”. Some reporters say this spat has led Sarkozy to cancel a planned visit to London where he was supposed to meet Gordon Brown! It is well-known that the City and the newspapers close to the City are powerful, but not quite as powerful as this! In the United Kingdom, the spat has become an electioneering issue, much to Jonathan Faull's consternation, no doubt.
The fact is that the EU's Economic and Finance Council and the European Commission have acted upon mature reflection and appropriate consultations. EU and global regulation of the financial world is building up with the full backing of public opinion and politicians from across the board who all agree that a reasonable level of rules and surveillance is essential. (F.R./transl.fl)