Friday, Jun 12, 2009
Bye Bye England
Daily Telegraph: Calls for Brown to go nuclear in City battle with EU
Britain cannot veto the massive shift in regulatory power to Brussels now under way. Internal market laws are decided by qualified majority voting (QMV), and London has few friends in this fight.
What Gordon Brown can do at next week's EU summit it to play the Luxembourg card by invoking "vital national interest", if he is willing to risk a showdown with fellow leaders. This has no legal status. It is the political equivalent of a stamping bull, or a viper's rattle. It means back off, or we strike.
"This is an extremely serious crisis," said David Heathcote-Amory, former Europe Minister and now a key Tory MP on the European Scrutiny Committee.
Posted by postle @ 09:09 AM (286 views) Add Comment
1 Comment
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1. mander said...
Lord Turner the supervisor of the "supply and demand dilema" speaks: "Frankly, this is an area that when it gets Europeanized you sometimes get things that are not actually to do with good regulation." So next election in Britain will make Lord Turner understand why regulations are really important.
Bankers, hedge funds toghether with their official supervisor Lord Turner are shouting against regulation so please let's forget now: we will never see an income to loan value recommendation made into law.