Frankreich soll EU-Finanzressort erhalten [en]
Ein ehemaliger französischer Außenminister soll Diplomaten zufolge für Finanzdienstleistungen innerhalb der Europäischen Union zuständig werden – ein Schritt, der Bankern Anlass zur Sorge vor einem harten Kurs gegenüber der Industrie geben könnte.
Background
The European Commission has much leeway to set the financial services agenda and is responsible for drafting new laws. Financial services fall under the Commission's internal market portfolio which, for the past five years, has been led by former Irish Finance Minister Charlie McCreevy.
Since the collapse of Lehman Brothers in 2007 and the subsequent crash in financial markets, the Commission has authored a series of regulatory proposals designed to stave off systemic risks that were uncovered during the crisis. Higher capital requirements at banks, a financial risk board and a crackdown on 'over the counter' derivatives are some of the EU executive's proposals currently under review at the European Council and Parliament.
France, which led a drive to clamp down on bankers' bonuses, is seen by many as being in favour of regulating the industry, in contrast with the City of London, which has the most trenchant view of the Commission's proposals.
EU diplomats said a deal to install Britain's Catherine Ashton as the bloc's foreign affairs chief foresaw Frenchman Michel Barnier becoming its commissioner for internal markets, a powerful role that covers financial services.
The job carries significant influence in the aftermath of the global economic crisis as the commissioner will broker agreements on tough new rules that span banker pay to restricting investment banking.
"It is practically done - 99%," one diplomat told Reuters, playing down rumours that financial services would be removed from the internal market portfolio in the European Commission, the 27-country bloc's executive arm.
"It is part of the deal," a second diplomat said. "Now that the British have secured the nomination of Ashton, one could logically think that they won't block the internal market portfolio going to Michel Barnier."
A spokesman for the Commission denied a deal had been concluded and said its president, José Manuel Barroso, had not yet agreed the line-up.
"There is no deal. President Barroso has made no final decision yet on the make-up of the new Commission," he said. "He is awaiting the final nominations and once this has happened he will discuss portfolios in the coming week."
Commission sets financial agenda
The appointment of the former French foreign and agriculture minister would receive a cool welcome in Europe's financial capital, London, where many believe a Paris-driven agenda lies behind strict rules proposed for hedge funds and others.
"There has been a strategy from [French President] Nicolas Sarkozy even before his election when he went to London in January 2007 and said: 'French expatriates, you have to come back to Paris because we want to make a strong financial centre in Paris'," said Karel Lannoo, chief executive of the Centre for European Policy Studies, a Brussels think-tank.
Lannoo said France was likely to push for a single rulebook for banks and others "which could be to the benefit of Paris".
Others played down the significance of the Frenchman, who has already worked as an EU commissioner, taking the post.
"I think we are fairly resigned to the fact that it will go to Club Med [a Mediterranean country] this time," said a senior figure in the City of London, the centre of financial services in Britain.
"The French approach is more interventionist and probably more regulation. But frankly, we would be going that way anyway," the source added.
The EU is in the throes of a regulatory overhaul of the way banks and others work. The Commission has drawn up rules including ones that will require banks to hoard more capital, restricting their power to lend.
A further wave of rules will shake up trading and exchanges. According to industry sources, a draft EU law on market infrastructure will be tabled for July to make share and derivatives trading less risky for investors from late 2012 (EurActiv 24/11/09).
(EurActiv with Reuters.)
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