Downing Street Says » Turner Review

» Wednesday, March 18, 2009

Turner Review

Asked if there was anything in the Turner review that the Government took issue with, the PMS said that it was a very detailed report and there were a lot of specific recommendations. We supported the general approach that Turner had taken, but each specific item would have to be looked at in detail by the Treasury. We would publish a White Paper around the time of the Budget.

Put that there was a suggestion of a pan-European regulator, the PMS said that Turner was clear that we needed to look at whether or not we could streamline some of the standard setting procedures in the European single market. We, and the Turner review, were clear that supervision of individual firms was a matter for international regulators and should remain so. The Prime Minister and President Barroso had reiterated this point very strongly at their press conference on Monday.

Put that there should be European-wide rules, the PMS said that there were European-wide rules already in the single market; they were done by a number of different committees. It was simply an issue about how we streamlined some of those procedures. We already had common EU standards, for example in financial markets, but we didn t have EU level supervision of individual banks; that was something that should remain at the national level.

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