When the Frenchman Michel Barnier was appointed European Commissioner for the Internal Market last year President Sarkozy declared, "the English are the big losers in this business". The remarks sparked fears that the new Commissioner would interfere in the regulation of the City of London.

Today presenter Evan Davis spoke to Mr Barnier about his financial regulation ambitions.

Mr Barnier told Today presenter Evan Davis that there are "no differences" among British authorities over the need for financial regulation.

He explained that the regulation of hedge funds and of private equity "is not is something which I invented as being a need, it is a commitment which is set out in the G20 roadmap."

He added that hedge funds could pose a risk and so required "intelligent and efficient" regulation.