European Commissioner for Internal Market

The portfolio concerns the development of the 480-million-strong European single market, promoting free movement of people, goods, services and capital.

French President Nicolas Sarkozy's declaration that Barnier's (then French foreign minister) appointment as Internal Market Commissioner was a "victory" produced considerable worry in the UK that France would use Barnier to push French-inspired restrictive regulation upon the UK's financial centre.

Although he said that "we need to turn the page on an era of irresponsibility; we need to put transparency, responsibility and ethics at the heart of the financial system", he has tried to soothe worries in the UK and has reiterated his independence from national influence.

However, there was a great deal of concern about its effect on social standards and welfare, triggering competition between various parts of Europe.

MEPs eventually reached a compromise on the text and the Parliament adopted it on 12 December 2006; 2 years after Bolkestein left office, under the Barroso Commission.