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EU watchdog could overrule UK government

It has been revealed today that a new EU watchdog for the financial industry could actually force the UK government to bail out a bank which the EU believed was in trouble even if the UK authorities did not hold the same opinion. While any member state of the EU would have a right of appeal if they disagree with a ruling from the EU watchdog, many people are concerned this is yet another example of EU legislation overruling member states.

While the basis of the new regulatory system would appear to be fine in principle, the very fact that the EU regulators will have the ability to overrule and force a member state into what could be a substantial bailout is of concern. The idea is that we will never ever again see a repeat of the ongoing recession which was born in the worldwide financial sector.

It will be interesting to see how member states vote on this particular issue because, as ever, the EU Commission appears set to push these issues through without due consideration or discussion. By hook or by crook it seems that we are heading towards a European regulator with the power to control every member state.

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