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Image header Agence Europe
Europe Daily Bulletin No. 10064
GENERAL NEWS / (eu) eu/internal market

Charlie McCreevy does not believe there should be single European supervisory framework for financial services sector

Brussels, 26/01/2010 (Agence Europe) - The outgoing commissioner for the internal market, Charlie McCreevy, has expressed scepticism about the possibility of having, in time, a single European supervisory framework in the field of financial services. During an interview with the Irish Independent, he said: “It is illogical to try to have a single market without having a single supervisory framework. But there will have to be national supervision as part of that, because the national taxpayer stands behind the system. I don't believe we'll ever have just one supervisory body. Not unless there is a world government. We don't even have a European government. Some people think we do - especially in the Commission - but we don't”. The former finance minister for Ireland said he would withdraw from political life once his mandate as European commissioner was over. (M.B./transl.jl)

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