Chancellor of the Exchequer George Osborne has praised the appointment of two British bankingexperts to senior positions in European regulatory bodies, saying it helps maintain the UK’s positionat the forefront of world banking.
Michael Ellam – a former Whitehall director of communications under Gordon Brown and currentlya senior director at the Treasury – has been appointed chairman of the EU Financial ServicesCommittee, which is responsible for drafting financial regulations for the 27 European membercountries.
Verena Ross, director of the UK Financial Services Authority’s international division, was alsoappointed in February as the first executive director of the new European Securities and MarketsAuthority.
Chancellor Osborne said: “Part of maintaining the UK’s place as the world’s leading financialmarketplace is making sure we’re at the heart of the global effort to reform the sector to make itstronger and safer.”
He added: “That’s why it’s so important that two of our top policymakers will be at the centre ofboth making the rules and implementing them.”
Some analysts had expressed concerns that regulations imposed by new European regulatory bodiesmay make things more difficult for British banks and make London a less attractive focal point forthe world’s financial services industry.
The current Conservative-led government has also levelled criticism at the prior Labouradministration, for failing to ensure the appointment of British candidates to important EuropeanCommission legislative positions.
