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Bill Cash MP
for Stone

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Proposed European financial regulatory structure - Letter to The Times

Letter sent to the Editor of The Times 23/10/2009

 

Sir,

 
With reference to the proposed European financial regulatory structure, a document was formally deposited with the European Scrutiny Committee (of which I am a member) on Wednesday, covering the whole of the financial regulations, establishing three new European supervisory authorities – a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA) and a European Securities and Markets Authority (ESMA) – and their modus operandi, their staffing and costs and their powers and functions, including rule-making, enforcement and direct supervisory powers, are all now in the public arena. The formal process in the UK has now started. It is understood that the Swedish presidency want these documents to be accelerated and voted on by the 11th December.
 
As I have pointed out before, this is not just a matter of mere “supervision” but of the creation of overall judicial architecture, conferring European Court of Justice jurisdiction over the City and over large swathes of financial services and economic affairs, which represent a very substantial proportion of our economy. The Government has already accepted, welcomed and acknowledged the principle of supranationality. The matter should be debated on the floor of the House as soon as possible and various select Committees are now investigating the matter, and it is essential that these Committees receive evidence not only on the cherry-picked matters on which the Government may choose to concentrate but also on the architecture and the legal consequences.
 
The speed with which the Swedish Presidency wishes to dispose of this, not to mention other countries, such as France or Germany, should be a matter of grave concern to the United Kingdom, unless of the course the Government digs in on its own or with allies and sorts out this dangerous situation. Unfortunately, the fact that virtually all this will be my majority voting and co-decision (Article 95 EEC) puts the United Kingdom in grave peril and in the national interest it is essential that the whole financial community in the UK gives evidence and all the political parties take a determined stand, and where necessary asserting the supremacy of the United Kingdom Parliament. 
 
Yours ever,
 
Bill Cash MP
MP for Stone,
Shadow Attorney General, 2001-2003

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