At a recent event in Paris, Michel Barnier, the EU's internal-market commissioner, was grilled about the financial-regulatory system and proposals to beef up rules. Barnier said he was given "a mandate to clean up the internal market and close its missing links." He also expressed opposition to self-regulation and defended proposals to bolster regulation of hedge funds and private-equity firms. Barnier added he would take a close look at the Solvency II directive for insurers in as part of his effort to find the right balance on financial regulation.

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