Monkey Dances To The Required Tune?
Regulation of City may be handed to Brussels
Hopes that Gordon Brown would make a stand against the European Commission's financial regulatory proposals, which could see control over the City transfer from London to Brussels, appear to be fading.
Arriving in the Belgian capital for an EU summit, the Prime Minister insisted that European demands for regulation following the financial crisis could not be used to chip away at national sovereignty over fiscal budgets.
"It is in Britain's interest that we have improved cross-border supervision of financial institutions across Europe," he said.
There's a rush on before the Autumn election to hand as much as possible to Brussels. God help us!