Systemic Risk Board must not force national spending
City minister Lord Myners told the Treasury committee that the UK will veto the European Systemic Risk Board if it can force governments to spend money, the FT reports.
"There can be no interventions that have fiscal consequences for individual nations," Lord Myners said.
The UK is "broadly in favour" of the proposals, but fears the rules lack safeguards against EU interference in national financial affairs.
Europe will ammend rules
The UK and its allies believe they will to convince the European Council to amend the legislation.
MPs said there were concerns about a section of the draft that allows the European Commission to act unilaterally to declare that a situation is an emergency, Lord Myners said.
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