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Threat to City of London as EU Parliament seeks to whittle away power to veto watch

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    Key members of the European Parliament are drawing up plans to whittle away Britain's power to veto decisions by the EU's new apparatus of financial super regulators, a move that may leave the City of London without defence against threatening proposals.

    http://www.telegraph.co.uk/finance/c...r-to-veto.html

    So the European Parliament is seeking to remove even more of our veto powers...
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    So some semi-anonymous people might do something which slightly compromises the ability of a member-state to maybe (if it fancies it) prevent something which might - by the widest possible margin - have any regulatory impact on its economy?

    Sounds ******* terrifying.
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    If firms are multinational, regulators need to be too.

    I like the theory of having an EU Parliament which can genuinely hold an EU executive to account with an EU judiciary with powers explicitly limited by a constitution - i.e. not something that can be increased through creeping death. That way it would be much more clear to everyone what the EU institutions could and could not do and make it far harder for big companies to pick off individual nation states as they currently do.

    But we all know the reality of the EU at the moment. Anyway, given what the City of London has done in recent times, being given a handbagging by the EU may not be a bad thing.
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    (Original post by Prince Rhyus)
    But we all know the reality of the EU at the moment. Anyway, given what the City of London has done in recent times, being given a handbagging by the EU may not be a bad thing.
    Ignoring the whole sovereignty issue, the problem I have is this.
    The EU wishes to damage our financial sector - Though their aim is to create a stable economic system, the result is the damaging of our financial sector.

    This will in turn damage Britain as we have a very large financial sector. It would have the same effect if we were to scrap C.A.P and place huge regulations on farmers... That would damage the French because they have a large agricultural sector.
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    If this is true then it is very worrying indeed.
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    The French want the City harmed because they want Paris to become a large financial centre, same with Germany and Frankfort etc etc. It would seem the only people not looking out for there own national interest is the British
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    Surely the EU regulation will squeeze any attempts by Paris or Frankfurt to establish a financial City, or have the French and Germans successfully negotiated exemptions?
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    (Original post by MagicNMedicine)
    Surely the EU regulation will squeeze any attempts by Paris or Frankfurt to establish a financial City, or have the French and Germans successfully negotiated exemptions?
    Though I would agree, the French and Germans are notorious; in my view, for ignoring EU rules.
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    I wouldn't worry about the EU rules then. What are they going to do to police them, organise a US-led invasion?
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    (Original post by MagicNMedicine)
    I wouldn't worry about the EU rules then. What are they going to do to police them, organise a US-led invasion?
    Knowing our Government/next Government they will obey the EU...
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    agree with you there, the Tories have always been starry eyed worshippers of the EU
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    (Original post by MagicNMedicine)
    agree with you there, the Tories have always been starry eyed worshippers of the EU
    There is no hiding the fact that many Tories believe in the European Union purely because of the single market. However, the controversy comes over balance. How much sovereignty is too much for the single market? There are of course other factors involved such as cost, and the degree of cooperation.

    Some, such as Kenneth Clarke, believe that the loss of sovereignty to this degree is acceptable. Others do not. However, when looking at the Party as a whole, the Eurosceptics have it; especially amongst the grass roots.
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    I've never quite understood the paranoia people have with regulation that comes from the EU, particularly in an area where international co-operation is essential. The financial services and securities market in the U.S. is enormously regulated and has been since the 60s, yet you don't see it screwing up New York.
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    (Original post by Teaddict)
    There is no hiding the fact that many Tories believe in the European Union purely because of the single market. However, the controversy comes over balance. How much sovereignty is too much for the single market? There are of course other factors involved such as cost, and the degree of cooperation.

    Some, such as Kenneth Clarke, believe that the loss of sovereignty to this degree is acceptable. Others do not. However, when looking at the Party as a whole, the Eurosceptics have it; especially amongst the grass roots.
    Who took us into the EEC? Ted Heath
    Who signed us up to the disastrous ERM? Margaret Thatcher

    traitors to Britain, the Tories would sell us out to Europe

    At least Scargill and the Socialist Labour Party want us to "come out of Europe and get back into the World"
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    (Original post by jacketpotato)
    The financial services and securities market in the U.S. is enormously regulated and has been since the 60s, yet you don't see it screwing up New York.
    Maybe the problem is the enormous regulation? Surely they must be putting all the top talent away from New York with their overregulation, and forcing companies to relocate elsewhere.
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    (Original post by MagicNMedicine)
    Who took us into the EEC? Ted Heath
    Who signed us up to the disastrous ERM? Margaret Thatcher

    traitors to Britain, the Tories would sell us out to Europe

    At least Scargill and the Socialist Labour Party want us to "come out of Europe and get back into the World"
    Again, it is a balancing act.
    Mrs Thatcher realised the benefits of the single market, though she drastically opposed the UK's contributions; and hence why she fought for our rebate that Tony Blair signed away.
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    (Original post by MagicNMedicine)
    Maybe the problem is the enormous regulation? Surely they must be putting all the top talent away from New York with their overregulation, and forcing companies to relocate elsewhere.
    It did to some extent. If you've ever heard the term "capital markets", they were created as a response to U.S. companies trying to raise dollars by issuing bonds in London and Luxembourg instead of the U.S. to escape heavy regulation. But the Regs don't seem to have harmed New York's position as the world's largest financial centre after London. You have to look at the whole picture, I think - I don't see the EU's proposed regulations as too burdensome.
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    (Original post by jacketpotato)
    It did to some extent. If you've ever heard the term "capital markets", they were created as a response to U.S. companies trying to raise dollars by issuing bonds in London and Luxembourg instead of the U.S. to escape heavy regulation. But the Regs don't seem to have harmed New York's position as the world's largest financial centre after London. You have to look at the whole picture, I think - I don't see the EU's proposed regulations as too burdensome.
    My worry is not the now.
    My worry is that if they have the power to impose regulations, what is too stop them going much further? Britain requires its financial center and if anything, we should be making it more competitive and more open.

    Open up to other businesses as well of course.

    Though, when it comes to regulation, as is with most economic liberals, regulation is like a nightmare...
 
 
 
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