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Fury as EU creates three regulators to tell us how our financial sector should be governed

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Fears are growing over Britain's future as a world financial centre after the Government agreed to sweeping new European controls over banks, finance houses and insurance firms. Chancellor Alistair Darling was accused of a 'sell out' after signing up to a deal that will mean the creation of three powerful new EU regulators. It came days after French President Nicolas Sarkozy declared that the EU was now determined to end the 'free-wheeling Anglo-Saxon model' of finance. Now an economic risk watchdog and EU agencies to oversee banks, insurers and investment firms will be charged with preventing a repeat of the worst global crisis since the Great Depression.

 

Experts warned a tide of new regulation from Brussels would drive leading banks and other financial institutions to move out of Europe altogether. Britain will be worst hit, since we have a bigger financial sector than any other EU country. After the deal was struck French finance minister Christine Lagarde declared: 'We're in the process of creating a real European authority. It was a laborious process; not everyone was on same wavelength.'


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Hmmm well, if they hadn't done such a pig's ear of the current financial market, if they had regulated themselves instead of overgorging themselves in the trough, maybe there wouldn't be any call to control them now. Don't you love the way it's ALWAYS someone else's fault with that lot? :rolleyes:

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