The BBC has reported:
The City of London and other financial institutions should be supervised by a new pan-European watchdog, a European Commission report recommends.
Its proposals, written by ex-Bank of France Governor Jacques de Larosiere, include an EU-wide supervisory scheme for banks and financial bodies.
This has to be right. It is the only way to stop the current incestuous system of " chaps regulating chaps" that means that nothing of consequence is reported.
There will be another benefit as well: the lax regulation in places like Ireland were a blind eye has been turned to the rule of law would be prevented.
I am aware that John Morton has described this as something like " a wall of treacle". I'll tell you, I'd rather we have a wall of treacle than the current mess that we are in.