"The City of London and other financial institutions should be supervised by a new pan-European watchdog, a European Commission report will recommend.
Its proposals, written by ex-Bank of France Governor Jacques de Larosiere, will include an EU-wide supervisory scheme for banks and financial bodies. "
The EU trying to acquire more power, what a shock. This is what the EU is for to gather power, to centralise it and to control Europe.
I liked this line in the BBC report:
"The independent group was set up by European Commission President Jose Manuel Barroso in November to look at ways of improving supervision of the financial sector. "
"Independent"? Independent of what or who?
I also had a jolly good laugh at this line from the BBC report:
"BBC Europe Editor Mark Mardell said supporters of the scheme would like to see national bodies like the UK's Financial Services Authority made subordinate to the new institution. "
Well of course they do, that's because they want everything "National" to be subservient to everything EU.
Just one final thought, why would the UK even consider making its financial regulation subservient to regulation by an organisation that hasn't managed to get its own accounts approved by its own auditors for 14 years?
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