Bloomberg News

Rehn Says U.K. Veto Won’t Shield London From Financial Rules

December 12, 2011

Dec. 12 (Bloomberg) -- Britain’s objections to European Union treaty amendments to strengthen fiscal discipline won’t shield London’s banks from EU regulations, EU Economic and Monetary Commissioner Olli Rehn said.

“If this move was intended to prevent bankers and financial corporations of the City from being regulated, that is not going to happen,” Rehn told reporters in Brussels today. “We must all draw the lessons from the ongoing crisis.”

Rehn expressed “regret” that Prime Minister David Cameron kept Britain outside a tougher budget-deficit code that the other 26 EU governments decided to pursue at a Brussels summit last week.

“I regret it as much for the sake of Europe and its crisis response as for the sake of British citizens and their perspectives,” Rehn said. “We want a strong and constructive Britain in Europe and we want Britain to be at the center of Europe, not on the sidelines.”

To contact the editor responsible for this story: James G. Neuger at

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