Damien

Has this veto actually changed anything then? The EU 'Commissioner for Economic and Monetary Affairs' has said that it doesn't exempt the UK from any additional financial regulations they wish to impose. I guess we knew this already as the treaty didn't contain anything about those regulations but it serves as a reminder.

If anything this may have damaged the chances of stopping those regulations as we are now further removed from a decision making within the EU, as well as possibly causing it's existing members to care less about UK demands. It's looking more like political grandstanding rather than effective bargaining for UK interests.

I am also wondering if such regulation is such a bad thing anyway. A year or so ago we were disgusted at how a lack of regulation had allowed banks to cause chaos with our economy and now we are bitterly defending those very same institutions against that regulation being imposed by the EU. When did we suddenly turn full circle on this? Not really sure that it is in the best interests of our country either, that after the last few years nothing has changed other than the debt incurred bailing out banks.

What's the best argument we have in their defence? That will go elsewhere? Well so what? That was true before, when the previous government wouldn't impose stricter regulations for fear it would damage the City. It will always be true. If the banks are happy to be bailed out but unhappy to have to abide by rules to prevent gettting into trouble in the first place then they might as well leave.