You could be forgiven for thinking that Michel Barnier will single-handedly be able to bring the City of London to its knees and sink Britain’s economy while he’s at it.

That he will be able to propose and then get legislation on to the member states’ statute books all by himself. And that this is just what he intends to do once he gets his hands on the internal market portfolio early next year.

Paris’ European Commissioner nominee is just that – a nominee to be a European Commissioner. Not France’s commissioner. Not Sarkozy himself. Barnier will be part of a legislative apparatus that includes the parliament and member states.

Yes, Nicolas Sarkozy’s comments about the English being the biggest “losers” in the commission line-up are unnecessarily provocative.

But they say more about the French president, who has a track-record of intemperate comments, than about Barnier’s future intentions on financial regulation. They also are as much about playing to the national gallery and have been reported in French newspapers as such.

Paris and London do have strong – fundamental even – differences over financial regulation. And these will continue to be played out over the coming months – regardless of who takes up the internal market portfolio. The current uproar, written up to the hilt in  some British papers, accords Barnier too much power. The forum for the battles will be among MEPs and council of ministers.

As for the man himself, already in conciliatory mode (I am not an ideologue” he said Wednesday. “Everybody needs to calm down.”), he proved to be a ‘European’ Commissioner when he handled the regional portfolio under Romano Prodi. Let’s wait and see what he does on the job this time round.