| Updated:
Darling hits out at plans for greater EU regulation
CHANCELLOR Alistair Darling has found German support in his bid to stop Europe-wide financial watchdogs having the power to dictate rules to national regulators.
Darling spoke out against the two proposed bodies at a Luxembourg meeting of European finance ministers, with backing from his German counterpart Peer Steinbruck.
The row is over whether the proposed EU supervisors should have the power to tell a government to use taxpayers’ money to help ailing banks.
Darling argues that national authorities, rather than EU bodies, should have the biggest say – in line with long-standing EU tax policy.
“There is a principle here — that taxation is clearly a matter for member states. It is not a European Union matter,” Darling said.