EU says regulation must be pan-European

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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.