Sarkozy hails EU appointment to clamp down on City - papers

According to a Telegraph report, Mr Sarkozy says the appointment of Michel Barnier was a victory for European economic modelling. Mr Sarkozy blamed the "free-wheeling Anglo-Saxon" model, favoured by Britain and the United States, for the global economic downturn while praising European thinking which "had nothing to do with excesses of financial capitalism". But Alistair Darling, the Chancellor, delivered a blunt warning to Mr Barnier against interfering with regulations governing the City of London, saying any foreign meddling by the EU would breed "confusion". Full story...