"Does anyone care?" comes a plaintive voice from the corner of the internet, via a single e-mail, the proximate cause of the grief being a piece by Ambrose Evans-Pritchard headed: "Europe tightens regulatory noose on City". The European Commission, Ambrose tells us, has seized on the financial crisis to bring the City under closer EU control. It is clipping the wings of Britain's Financial Services Authority, unveiling far-reaching plans for a new EU regulatory machinery with binding powers.

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Surreal now, so real presently.

And when it comes in and starts doing real damage, you can bet the media picks it up and starts bitching ... long after it is too late to do anything. We have seen this time and time again.

Make it local ,and show the costs.
That will more difference.

"It is clipping the wings of Britain's Financial Services Authority". Wasn't the FSA established to comply with the EU?

Largely. And a complete disaster it has been, too. It will have to be abolished. We cannot have these unaccountable quangos runnig amok.

Strictly, it was part of a structure which was in conformity with the vision of what the EU wanted to see for financial regulation. Therefore, the EU very much encouraged its formation although, at that time, it was not an EU requirement.

Thank you, Eds. Who needs new EU treaties when national govts will act "in conformity" anyway? I hope there comes a day when we can all laugh about this.