The European Parliament has issued a press release summarising the comments made by Michel Barnier, Commissioner-designate for the internal market and services, during his hearing at the European Parliament. MEPs from the economic affairs and internal market committees questioned him on the social dimension of the single market and his ideas for regulating Europe’s financial sector in the long term.

Stressing his determination to reform the financial industry, Mr Barnier said "There can be no consolidated European market without a European financial market". With a revision of the Capital Requirements Directive, the creation of deposit guarantee schemes, the regulation of derivatives and measures on the traceability of financial products, he planned to "push through the reform of supervisory arrangements" needed to make Europe "the first region in the world to learn lessons from the crisis".

View Summary of hearing of Michel Bernier - Internal Market and Services, 14 January 2010