Reuters: EU's Barnier tells UK it has key role in markets union

29 September 2014

The European Union is not trying to weaken the City of London, which will be in pole position to shape a new EU capital markets union, according to Commissioner Barnier.

Michel Barnier steps down at the end of October after a frantic five-year stint during which more than 40 new financial laws were approved, some of which Britain is challenging in the EU's top court.

He told an audience in the City - London's financial district which accounts for 37 percent of the EU's wholesale financial market - that Brussels has "no interest in undermining the UK" or London's place as the bloc's top financial centre.

Instead it wants to further integrate the 28-country single market by creating a capital markets union to boost share listings and private investments and improve the effectiveness of non-bank financing for the economy.

"Given the UK's position as home to Europe's largest capital market, it is obvious that it should play a central position in this game," Barnier said. "This will be one very important project that my successor will want to drive forward."

Full article on Reuters


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