After 30 years, City of London loses links with Brussels
Cameron: Keeping tight-lipped?
Britain has become sub-marginal following the EU Summit of 9 December, which reshaped the geo-economic direction of the European continent with the acceleration of fiscal union, a process that will include reinforced regulation and supervision at a European level.
The attempts by UK Prime Minister David Cameron and the City of London to block financial supervision and the strengthening of the Eurozone have failed dramatically and have left the United Kingdom isolated and trailing behind developments. The new situation brings to a close the 30 years of undisputed British domination of Europe’s finances, which intensified in the past decade and blocked the European Union from advancing towards a European system for banking supervision, which if it had been introduced a decade ago would have largely prevented the present Eurozone crisis.
So far Great Britain, in order to facilitate the working of the City of London, namely a complex of ‘nothing’ trading companies profiting from the lack of any supervision by European financial markets, had appointed the key ranking Commission official in the internal market department with direct intervention of Downing Street to European Commission president.
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