Downing Street Says » European Council

» Wednesday, June 17, 2009

European Council

Asked about whether the PMS saw any conflict between the Chancellor’s Mansion House speech and what the European authorities were proposing in the field of financial regulation, the PMS replied that of course we needed to look at what we could do to enhance international cooperation on regulatory matters, including in Europe. That was why we supported the idea of streamlining the procedures for cross-European regulation. But it was also right that supervision on individual institutions should be the responsibility of national supervisors, because ultimately it was national taxpayers that would have to pick up the bill should individual institutions fail.

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