Sunday, 29 November 2009

Michael Barnier.

Never heard of him! Neither had I till yesterday. Well he's the new Commisssioner for the Internal Market at the European Commission and he's a former French Foreign Minister. Now Mr Barnier has some wide ranging powers to 'regulate financial markets'and this has really upset senior City of London sources, one of whom was quoted as saying,
"This is a disaster. They have appointed an incredibly prescriptive French politician who is hardline protectionist. He doesn't care about Britain. This is a job which is critical to Britain, for the city and it goes to the French."

Mr Barnier has been quoted as saying in the past that the global food crisis was caused by "too much free market liberalism."
Can't see much that Mr Barnier says up to now that I disagree with. Was it not after all a lack of regulation that allowed Hedge Fund Manager to bet on bank shares falling which was partly responsible for the banking crisis and which led to us having to bail out our banks?.

Personally speaking, if Mr Barnier wants to place more regulations on Banks and financial institutions in this country than that is fine with me and long overdue. These senior sources within the City of London are responsible for the banking crisis with their greed and irresponsible behaviour. They cannot be trusted not to get us into the same mess again; the only way to stop it is greater regulation of the financial markets.


Anonymous said...

What's a Centre Right mate of Sarkozy's doing calling for more regulation? Is there no ideological differences between Centre Right and Centre Left in Europe anymore?

Anonymous said...

I'm sure it won't be long before the City bankers start bleating about moving abroad if they're not allowed to keep on screwing us with their casino capitalism. Go - please go!

Pelagius said...

Good posting this. Michel (q.v.) Barnier is well-respected and experienced - former French foreign minister and EU commissioner.

His stance highlights the enduring difference between Anglo-Saxon capitalism (US/UK) and social Europe. Tories and Labour slavishly follow the US model. Most mainland politicians, left or centre right, know the value of community, social cohesion, manufacturing, state education, etc. That's why they still retain workplace councils, employees rights and similar laws. Of course these are under attack, but from right-wing central and eastern governments and the UK who follow the US big business and their lobbyist friends.

Of course, the UK media will castigate him as "French", with all the usual cliché. We should support his 'social' policies and expose the Brits who will work hard to undermine them. Not uncritically, of course.