EU’s Barnier denies he is “City-sceptic”
Michel Barnier, the EU Commissioner for internal market and services, has denied he has innately “City-sceptic” views.
Writing in an open letter to London’s City AM daily newspaper to defend his position, he said: “A strong and healthy EU financial services market needs a strong City. That is why I care about the interests of the City. The City of London is essential to the European economy: it is one of Europe’s key assets on the global stage. I need your input. I value it. It is only by working together that we can put Europe back on the path to recovery.”
The letter was in response to one written and published in the same paper by Conservative MEP for London, Syed Kamall, who charged that the EU’s Alternative Investment Fund Managers (AIFMD) represents the “Commission’s failure to learn the lessons from the financial crisis”.
Barnier responds to Kamall’s criticism about the AIFMD, approved by the European Commission in 2010, set to regulate a wide range of investment funds (including hedge funds, private equity funds, real estate funds and institutional fund) that are not under EU regulations yet.
Read Barnier’s full letter here:
Read Kamall’s letter here: