By John O’Donnell
BRUSSELS, Jan 13 (Reuters) – The European Union’s designated financial services chief has pledged to examine curbs on short-selling and extend a planned regulatory shake-up to every corner of the industry, blamed by many for the economic crisis.
Outlining his plans to push through a welter of rules that will tighten the policing of banks as well as curbing runaway borrowing, Michel Barnier said: “We need to turn the page on an era of irresponsibility.”
“We are going to reform. No market, no financial player … should be able to escape. I will not shy away from the difficult subjects of sanctions and short-selling.”
Barnier made the remarks on Wednesday to European Union parliamentarians, who were quizzing him to test his suitability for the post of financial services chief. The job would put him in charge of a European Union banking overhaul.
Barnier, 59, laid down his agenda for a five-year term that could see investment banking shrivel in the 27-country bloc, returning bankers to their roots of no-frills lending to households and businesses.