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| Don’t listen to the fearmongers: our Brexit negotiations are in safe hands | Don’t listen to the fearmongers: our Brexit negotiations are in safe hands |
| (25 days later) | |
| When Michel Barnier was appointed EU commissioner for financial services in 2009, I admit I was worried. After all, President Sarkozy could not hide his satisfaction that a Frenchman would be in charge of the City of London, ready to launch an onslaught of new financial regulation. Some of our newspapers called Barnier the “most dangerous man in Europe”. | When Michel Barnier was appointed EU commissioner for financial services in 2009, I admit I was worried. After all, President Sarkozy could not hide his satisfaction that a Frenchman would be in charge of the City of London, ready to launch an onslaught of new financial regulation. Some of our newspapers called Barnier the “most dangerous man in Europe”. |
| The reaction in 2009 was very similar to that seen in recent days to Barnier’s appointment as the European commission’s negotiator on Brexit talks. Surely this is a vindictive act, and a disaster for the future of the UK? Not necessarily. | The reaction in 2009 was very similar to that seen in recent days to Barnier’s appointment as the European commission’s negotiator on Brexit talks. Surely this is a vindictive act, and a disaster for the future of the UK? Not necessarily. |
| I believe you shouldn’t judge a book by its cover, so immediately after Barnier took the position in 2010, I asked for a meeting as one of the MEPs working on EU legislation regulating hedge funds and private equity. I was concerned that the proposal would impact negatively on pension funds, startups in the UK, and much-needed inward investment in poorer countries. To my surprise, Barnier immediately accepted my offer to come to London and meet with some of the senior people in the hedge fund and private equity industry. | I believe you shouldn’t judge a book by its cover, so immediately after Barnier took the position in 2010, I asked for a meeting as one of the MEPs working on EU legislation regulating hedge funds and private equity. I was concerned that the proposal would impact negatively on pension funds, startups in the UK, and much-needed inward investment in poorer countries. To my surprise, Barnier immediately accepted my offer to come to London and meet with some of the senior people in the hedge fund and private equity industry. |
| That was his style: hands-on, engaged, and willing to listen to all sides and give the impression of trying to find a consensus. Yes, we disagreed many times on policy matters. After all, I’m a market liberal and he’s a Gaullist former French agricultural minister. I was regularly critical of his department’s propensity for hasty new financial services legislation, and he was well-known for having an itch for making headline-grabbing announcements, in contrast to his successor, the former British commissioner Jonathan Hill, who was far more cautious and meticulous in his preparations. | That was his style: hands-on, engaged, and willing to listen to all sides and give the impression of trying to find a consensus. Yes, we disagreed many times on policy matters. After all, I’m a market liberal and he’s a Gaullist former French agricultural minister. I was regularly critical of his department’s propensity for hasty new financial services legislation, and he was well-known for having an itch for making headline-grabbing announcements, in contrast to his successor, the former British commissioner Jonathan Hill, who was far more cautious and meticulous in his preparations. |
| Yes, we have disagreed many times on policy matters: but Barnier is hands-on, engaged and willing to listen to all sides | Yes, we have disagreed many times on policy matters: but Barnier is hands-on, engaged and willing to listen to all sides |
| I have often compared the European commission’s response to the 2008 financial crisis to a bar fight. When one breaks out, you don’t hit the person who started it; you hit the person you always wanted to hit. The commission never really tackled the cause of the 2008 crisis – the banks – instead throwing punches at private equity or investment funds. | I have often compared the European commission’s response to the 2008 financial crisis to a bar fight. When one breaks out, you don’t hit the person who started it; you hit the person you always wanted to hit. The commission never really tackled the cause of the 2008 crisis – the banks – instead throwing punches at private equity or investment funds. |
| Barnier always reacted politely to my criticism. In 2012, I published a critical letter about him in the Financial Times. Later that morning I received a call from him; understandably irate, but he also wanted to sit down and discuss my concerns. | Barnier always reacted politely to my criticism. In 2012, I published a critical letter about him in the Financial Times. Later that morning I received a call from him; understandably irate, but he also wanted to sit down and discuss my concerns. |
| After our meeting in London and after his term as commissioner ended, he took the time to send me thank you notes, and he made a real effort to improve his (already pretty good) English so that he could deal directly with those who had concerns. He was atypical of some French politicians I have met, not least because he wasn’t schooled at the elitist École Nationale d’Administration attended by some of the more aloof French political leaders. | After our meeting in London and after his term as commissioner ended, he took the time to send me thank you notes, and he made a real effort to improve his (already pretty good) English so that he could deal directly with those who had concerns. He was atypical of some French politicians I have met, not least because he wasn’t schooled at the elitist École Nationale d’Administration attended by some of the more aloof French political leaders. |
| Critics are unhappy that Barnier is an old friend of the president of the European commission, Jean-Claude Juncker. However, would we have been happy with any of the possible alternatives? Instead we are dealing with a man who has enough experience and good relations with Juncker to give him full and frank advice without fear or favour. | Critics are unhappy that Barnier is an old friend of the president of the European commission, Jean-Claude Juncker. However, would we have been happy with any of the possible alternatives? Instead we are dealing with a man who has enough experience and good relations with Juncker to give him full and frank advice without fear or favour. |
| Of course, the European commission is going to appoint someone who will fight their corner. Barnier is not so much a French man, but a “true European” and a believer in the project of political integration. However, he is a serious person and he knows the EU inside-out – from his time as France’s Europe and then foreign minister, as a two-time European commissioner, and as an MEP. At one time he has been a member of all three of the EU’s decision-making institutions. | Of course, the European commission is going to appoint someone who will fight their corner. Barnier is not so much a French man, but a “true European” and a believer in the project of political integration. However, he is a serious person and he knows the EU inside-out – from his time as France’s Europe and then foreign minister, as a two-time European commissioner, and as an MEP. At one time he has been a member of all three of the EU’s decision-making institutions. |
| His most recent expertise in financial services and the EU’s single market will be put to good use as we begin Brexit talks. The UK has already made it clear that we are not looking to emulate Norway or Switzerland, or even Canada’s relationship with the EU. We want a relationship tailor-made for all of the eccentricities. Barnier already understands these, and when talks start after the summer, there will be no need for polemics or posturing: the hard work can begin from day one. | His most recent expertise in financial services and the EU’s single market will be put to good use as we begin Brexit talks. The UK has already made it clear that we are not looking to emulate Norway or Switzerland, or even Canada’s relationship with the EU. We want a relationship tailor-made for all of the eccentricities. Barnier already understands these, and when talks start after the summer, there will be no need for polemics or posturing: the hard work can begin from day one. |
| The Brexit negotiations will happen at many levels in the EU institutions. The EU’s heads of government will do the bulk of the political work and settle a final agreement with the UK on our future relationship. This deal must also be endorsed by the European parliament. | The Brexit negotiations will happen at many levels in the EU institutions. The EU’s heads of government will do the bulk of the political work and settle a final agreement with the UK on our future relationship. This deal must also be endorsed by the European parliament. |
| However, in between the political shuttle diplomacy, there will be a lot of technical and background work that will fall to the commission. I can think of far worse people to have their hand on the tiller than the human, pragmatic and experienced Barnier. | However, in between the political shuttle diplomacy, there will be a lot of technical and background work that will fall to the commission. I can think of far worse people to have their hand on the tiller than the human, pragmatic and experienced Barnier. |
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