France"s nominee for the European Commission, Michel Barnier, promised today to regulate financial markets in a bid to "turn a page over the era of financial irresponsibility.", according to dpa. Barnier has been tapped for the internal market portfolio in the EU"s executive body. As a French conservative, he is thought to favour a certain degree of government intervention in the economy, and his appointment raised a certain amount of concern in the City of London, Europe"s biggest financial centre. "We need a well-regulated financial services industry," Barnier stressed during a confirmation hearing in the European Parliament in Brussels. He claimed to have several legislative proposals in the pipeline, notably on banks" capital requirement standards and on derivatives. "No product, no country should be allowed to escape relevant regulation," he added, vowing to put into practice the G20 "road map" on financial regulation. Barnier, 59, has already served as a European commissioner for regional policy between 1999 and 2004, and has been a minister in the French government several times. Since June he has been a member of the European parliament (MEP), a post he will have to give up if confirmed in his new post.
