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Finn to lead Barnier's ring-fence group

Monday 16 January 2012 - by

Finnish central bank governor Erkki Liikanen will head up an expert group looking at whether the US Volcker Rule or the UK Independent Commission on Banking's recommendations on ring-fencing can be implemented across Europe.

Liikanen has been appointed by internal market commissioner Michel Barnier to chair a high-level committee which will look at whether structural reforms are needed alongside current regulatory initiatives, the European Commission announced on Monday.

The move is aimed to help safeguard financial stability and improve efficiency and consumer protection, it said. The group will begin work in February and finish in the summer, and will "make any relevant proposals as appropriate," the commission said in a statement.

However, a spokeswoman said that no other appointments to the group had been made, with Barnier and Liikanen now set to work together to consider the composition of the committee.

The commission has previously told Global Financial Strategy that it took an interest in whether the Vickers or Volcker proposals could be applied across the EU as a whole.

Barnier said: "I thank Erkki Liikanen for having accepted to chair this group. His banking expertise and European policy background will be important assets.

"I expect this group to make all the recommendations as regards the structure of EU banks it deems necessary to strengthen financial stability and enable banks to fully play their role in favour of the single market and European growth."

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