The European Union’s executive on Wednesday tapped former French financial services commissioner Michel Barnier as the chief negotiator for the UK’s exit from the bloc.

The appointment of Barnier, who as internal market commissioner until 2014 led the European Commission's overhaul of EU banking laws in the aftermath of the 2008 financial meltdown, could be seen as provocative, as France has taken a tough view on the UK's future relationship with the EU.