"I feel I am free but I know I am not."
E.M. Corian - The Trouble with Being Born*
David Cameron, as would MilibandE or Clegg were they in his position, maintains that he heads the government of this country and by inference the government decides the country's future. In his attempt to solve perceived problems in the banking industry Cameron was waiting the findings of the Vickers Report (résumés of which can be found here and here), whose recommendations the government had pledged to adopt.
From City AM we now learn that a war of words has been taking place over implementation of the Vickers Report as the EU Commission now argues against giving Britain the flexibility it needs to put in place either the Vickers rules or the Bank of England’s new macro-prudential regime, insisting that the EU must have a “single rulebook” for capital.
Bearing in mind that any government must be able to plan its economic growth or regulate how it's economy is managed, how on earth can Cameron maintain that he heads the government of this nation, whilst at the same time keeping a straight face?
Just asking............
6 comments:
Of course there was always going to be a tripping point for any and every EU government, sooner or later 'ever closer union' would paralyse a national government over something close to that nation's heart and they would no longer be able to hide the loss of an important power or sovereignty. No doubt they have all been holding their breath since Lisbon praying the revelation comes later rather than sooner. Let us hope this is ours and it rapidly turns into another crack in the dam.
It would be quite delicious if were our tripping point given how Cameron has been crowing about how he will stop the EU interfering with the City, speared on his own posturing by Gad!.
I think his coming speech on global governance at the G20 summit will be worth listening to very carefully as well. Since the suggestion/invitation to prepare a report was by President Sarkozy I think we can expect to see a touch of the poisoned chalice as well. The likelihood this is a set up must be high. Still, I am sure Prime Minister Cameron, leader of the Social Democratic Conservative Party of Great Britain will excel.
It has the makings of being interesting!
Not the right thread, but speaking of cracks in dams:
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_31/10/2011_412595
PC: Your observations are as usual spot on. Never mind the thread, you're welcome.....
MC: It does indeed....
Still the wrong thread but never mind. There seems a lot of mystery and a lot of speculation about why Papandreou has taken this route but little in the way of agreement.
Some say he is simply frightened of the mob, for others it is to bolster political support, or to sucker punch the opposition, or revenge for Brussels and German bullying, or simply an ingenious way to kick the can down the road so as to keep the cash coming in without actually implementing austerity mk.2.
The only common agreement seems to be that the current silence from Brussels is a symptom of shock and horror. Which may be true for the majority but perhaps not for Germany. John Ward opines that it may well be a Merkel/Papandreou plot. Terrify the markets with the prospect of 100% haircuts and they might settle for 75% and accept extending the residuals into the distant future so Greece can ease of on the austerity. German banks would survive, French banks would collapse.
I wonder what the truth is.
PC: "I wonder what the truth is"
Don't we all......!
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