Spot on

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Reuters has reported that French Prime Minister Francois Fillon has corrected what he thought was a misunderstanding of France's position on international re-regulation. He has said:

Nobody wants extra rules. Nobody wants protectionism. What we want is simply a regulation of the financial system that is coherent and consistent in all parts of the globe.

Today there are financial institutions that escape regulation.

Certain banks aren't regulated at all.

Today there are tax havens that avoid all rules.

Today there are prudential rules that aren't the same from one country to another, from one continent to another. And that creates imbalances and competitive distortions.