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Tuesday, 13 December 2011

You can tell when a European politician is lying - their lips are moving

Barroso says UK demand put EU internal market at risk
Of course it wouldn't and it never did.  What the British veto did stop was a Europe wide Tobin tax that would have destroyed the London markets as all the business there moved to Switzerland, Hong Kong, Singapore, New York or Dubai.

But you can tell who the real losers are by their anger: the EU politicians who thought they would be onto a nice little earner (they wouldn't).

In fact London is the most open market in the world, which is why it is the most established international market for trading of foreign currency and Eurobonds and a whole lot of commodities, but rather than being regulated by the bureaucrats of Brussels, it takes a more worldly view with its banking regulatory norms agreed in Basel with the entire world community, not some power crazed nation barely 65 years on from its seven figure bout of ethnic cleansing.


Edward B said...

Before the summit Germany and France disagreed over how to save the Euro. After the summit Sarcozy agreed with Merkel's solution.

The cost of Sarcozy's U-turn was Germany agreeing to hold off on the details so as not to damage too much Sarcozy's re-election chances and the isolation of the UK to dominate the headlines.

Alex said...

Nice conspiracy theory. It has all the right ingredients: mystery, intrigue and xenophobia. Do you have a source for that?

Edward B said...

Sorry, just a conspiracy theory.