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12 February 2014

WSJ: Top EU regulator backs returning national powers


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"I think we need to carry out an objective exercise in the coming years…on what we can do better at the national than at the European level", Commissioner Barnier said in an interview with the WSJ. "My line would be: less regulation in Brussels and more politics."


Michel Barnier isn't an obvious ally in Britain's bid to wrest back powers from Brussels. But as he campaigns for the European Union's top job—president of the European Commission, the bloc's executive arm—he describes the British debate as "interesting, and not just for the UK".

Mr Barnier has always denied he is on an ideological mission. "I'm not an ideologue, I'm a liberal, but liberalism must be accompanied by rules, by governance, by a strong public power", he said. In the financial sector, Mr Barnier said "My first objective wasn't to simplify the rules but to create rules…that didn't exist".

British Prime Minister David Cameron has said he hopes to reform the EU by peeling back regulation and giving national parliaments a greater say, before holding a referendum on exiting the bloc. Mr Barnier said there is substantial room, and public support, for simplifying EU rules and returning powers to national governments—although he stops short of backing the curbs on intra-EU migration advocated by the British premier. "I find this exercise is useful given public sentiment on bureaucracy", he said. He admits that some financial rules introduced on his watch have been "too complex"--but says that is "the price to pay for having [all 28 Member States] on board".

Delegates from the centre-right European People's Party will decide next month whether Mr Barnier will lead them in the upcoming European elections, which could propel him into the job of Commission President—although other candidates, including former Luxembourg Premier Jean-Claude Juncker, appear to have stronger political support. If he leaves the Commission, Mr Barnier's legacy will be defined by the success of the grandest project undertaken on his watch—a eurozone Banking Union, which aims to break the toxic link between weak lenders and governments.

As the clock ticks down before European elections in May, Mr Barnier remains optimistic that a deal can be done. "I think the ministers know their responsibilities, so I think we will get a deal in April or May", he said. "If we don't…the whole [Banking Union] will be weakened."

Full article (WSJ subscription required)



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