UK finance chief Alistair Darling has warned the EU's new financial overseer, Frenchman Michel Barnier, against trying to over-regulate London. French President Nicolas Sarkozy inflamed tempers recently by praising French-style financial regulation.
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I dont not see how a EU regulation can work. The British are only intertested in promoting Britain, the French in promoting France etc. Yes discussion between leaders should take place but regulation will force companies to leave all the European financial centres and move to Switzerland or the like. It will lead to further unemployment and social unrest.
I am an American and I agree with President Sarkozy. Both NY and London both need to be regulated. Just what industry should be allowed to be so unregulated that allows Bear Stearn's exec like Jimmy Cayne to be smoking $150 cigars and paying $1500/hr helicopter rides to New Jersey to play golf on the weekend while American police are smashing down doors to evict a woman and her children forcing them to live on the street and homeless shelters. I think France should demand back the Statue of Liberty as America is obviously not living up to its obligations to its citizens.
Britain is drowning in debt - the sick man of Europe and its subjects need saving from the disastrous Anglo-Saxon model:
Why don't they sort out the French Deficit and economy before commenting on how other countries run their financial institutions. Or is this yet another smokescreen?
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