If this is indeed “a thinly veiled attempt by France and Germany to undermine the UK’s dominance of financial services” then Europe really is finally awakening and standing up to the City of London. Anyway, it has certainly caused a stir and even evoked that bulldog spirit from UK so-called financial services minister who pledged he would “fight “line by line and minute by minute” to defend the free movement of capital.” Will the European countermeasures be enough though: some are calling for a Glass-Steagall type of legislation which would separate off commercial banks from jnvestment banking, making sure that ordinary depositors wouldn’t have their funds and deposit guarantees put at the disposal of high risk speculators. This would appear to be crucial.
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In These New Times 