European ministers have warned that the City of London is not shielded by David Cameron's veto of the Brussels summit proposals and have vowed to impose tough financial regulations on Britain anyway.
Amid chaotic confusion over the relevance of the Brussels summit, including Britain's veto, Olli Rehn, the EU's economic affairs commissioner said: "If [Britain's] move was intended to prevent bankers and financial corporations of the City from being regulated, that's not going to happen."
He added: "We must all draw the lessons from the ongoing crisis and help to solve it and this goes for the financial sector as well."
However, Nicolas Sarkozy said Britain's effort to protect its financial services sector would create a lasting rift. The French prime minister told Le Monde: "There are now clearly two Europes. One wants more solidarity between its members and more regulation. The other is attached only to the logic of the single market."
Traders were far more concerned that another "make or break" summit had passed without solutions to the raging debt crisis. European stocks fell sharply as financiers braced themselves for yet more volatility. Germany's DAX fell 3.4pc, France's CAC 40 retreated 2.6pc, while London's FTSE 100 dropped 1.8pc. US stockmarkets also fell on opening.
Italy managed to raise €7bn (£5.9bn) in a bond auction of one-year bills – but only after paying 5.95pc, down from 6.09pc last month but still unsustainably expensive.
Source: City not shielded by Cameron's veto, EU insists - Telegraph
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Ironically there is already a "Tobin tax" on transactions in the UK which is called "Stamp Duty", used since 17th century. Back then they could not have possibly expected derivatives on derivatives on triple A rated tulip in far away country traded many times over in micro seconds to make a few guys rich whilst shafting lots of others.
I guess it's high time for EU-GB to set things right again, after all Stamp Duty first appeared in Holland in 1624.
Amid chaotic confusion over the relevance of the Brussels summit, including Britain's veto, Olli Rehn, the EU's economic affairs commissioner said: "If [Britain's] move was intended to prevent bankers and financial corporations of the City from being regulated, that's not going to happen."
He added: "We must all draw the lessons from the ongoing crisis and help to solve it and this goes for the financial sector as well."
However, Nicolas Sarkozy said Britain's effort to protect its financial services sector would create a lasting rift. The French prime minister told Le Monde: "There are now clearly two Europes. One wants more solidarity between its members and more regulation. The other is attached only to the logic of the single market."
Traders were far more concerned that another "make or break" summit had passed without solutions to the raging debt crisis. European stocks fell sharply as financiers braced themselves for yet more volatility. Germany's DAX fell 3.4pc, France's CAC 40 retreated 2.6pc, while London's FTSE 100 dropped 1.8pc. US stockmarkets also fell on opening.
Italy managed to raise €7bn (£5.9bn) in a bond auction of one-year bills – but only after paying 5.95pc, down from 6.09pc last month but still unsustainably expensive.
Source: City not shielded by Cameron's veto, EU insists - Telegraph
---
Ironically there is already a "Tobin tax" on transactions in the UK which is called "Stamp Duty", used since 17th century. Back then they could not have possibly expected derivatives on derivatives on triple A rated tulip in far away country traded many times over in micro seconds to make a few guys rich whilst shafting lots of others.
I guess it's high time for EU-GB to set things right again, after all Stamp Duty first appeared in Holland in 1624.
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