The hostile comments of French President Sarkozy have damaged public confidence in the EU’s new institutions and raise serious questions about the impartiality of the French nominee to the European Commission, the British Bankers’ Association said today.
His claim - that the appointment of Michel Barnier to the internal market portfolio would curb the “free-wheeling Anglo-Saxon model” of finance - undermines the principle that commissioners serve all member states, not merely their home countries, and casts doubt on the reasons why the French advocated their candidate for the role.
Speaking at the Worshipful Company of International Bankers’ luncheon in London today, BBA chief executive Angela Knight said:
“Monsieur Sarkozy must surely recognise that he has undermined the EU with his statements and put a question mark over the impartiality of his nominated Commissioner that will not be easily dispelled.
“If anyone in the European project thinks for a minute that they are capable of subverting the years of effort it took us to make the UK the world’s financial centre, they are sadly mistaken. At stake here are at least half a million jobs and the tax revenues which will contribute more than anything else to replenishing the Exchequer after this recession.
“It also needs to be more widely recognised that the City brings benefits to all of the EU, not just the UK. The EU is the centre of much of the world’s commerce, and it is important that it remain so.”