Say goodbye London and hello Frankfurt

The EU has long envied the City of London and now it seems that they may be about to get control of the City of London and so end its power.

"European leaders, including Gordon Brown, agreed yesterday that a new regime to tame the excesses of capitalism and regulate the markets should be based on the proposals of a former French central banker, ceding the European Central Bank some authority over the City of London for the first time.

...

Reflecting the views of the German and French leaders, Angela Merkel and Nicolas Sarkozy, the summit unanimously declared that the new regime be based on the recent recommendations of a group chaired by Jacques de Larosière, a former French central bank chief, which calls for a "European Systemic Risk Council" with ultimate authority over all financial markets in the EU."

Don't be fooled by Gordon Brown's whimper that "we also need to ensure that supervision is done at a national level". He has screwed the Country up completely and now seems to be set on ensuring that any incoming Conservative government has no chance to put matters right.