Michel Barnier, nominated as the Commissioner for the Internal Market, has told MEPs that he believes that regulation in the financial sector is important, during his nomination hearing on 13 January 2010.
The position would give Mr Barnier responsibility for reforming the European banking sector in the wake of the financial crisis, leading to fears by some analysts that he would introduce excessively regulatory policies.
Mr Barnier's appointment allegedly caused tension between London and Paris, with Mr Sarkozy using a newspaper article to blame "Anglo-American" finance for sparking the crisis in the financial markets.
He told MEPs on the economic affairs and internal market committees that he was supportive of co-operatives, mutuals and the "European social model".
However he has said he will work for the interests of the European Union as a whole rather than being purely pro-French.
UKIP MEP Godfrey Bloom accused Mr Barnier of driving short-trading and the commodities market out of the EU and "back to Zurich and Chicago".
Mr Barnier said it was time to turn the page on "an era of irresponsibility".
A final vote on the appointment of the Commissioners-designate will take place on 26 January 2010 at a special full session of the European Parliament in Brussels.
© European Payments Council
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