Michel Barnier, the EU's internal-market commissioner, told the UK's influential Treasury Select Committee that a strong, sustainable financial sector in Britain is desirable but that markets cross borders, making it necessary to regulate at the European and global levels. "My agenda is essentially the [Group of 20] agenda," Barnier said. "It is clear that we can and must do business together." He tried to allay UK concerns that Europe's regulatory policies will be overly intrusive and restrictive.

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