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How has the UK government lost control of European financial regulation?

As Michael Barnier, the Frenchman installed as the EU finance minister, comes to terms with his very influential position in the European Union, many people are wondering exactly how the UK government appears to have lost control of the City of London. The signs that the EU was looking to reduce the influence of London have been there for some time but for some reason the UK government had decided against any pre-emptive action. This could be a very costly lapse in the concentration of the UK authorities!

London is by far and away the more prominent of the European stock markets, money markets and overall financial markets. It is well-known that the French and German authorities have been looking to gain control of London for some time but until now the UK has been relatively secure with a robust regulatory framework with little or no tinkering or influence from the EU. However, the signing of the Lisbon Treaty has changed this forever and the UK regulatory system will now be superseded by the European Union regulatory system which has just been introduced today.

While the UK authorities have been in the press over the last few days suggesting that London will still be a prominent player in the European and worldwide marketplace, there is no doubt the City of London is again under attack from outside forces.

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