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Is the EU pushing too hard for an EU regulator?

Despite the fact that the European Union has been pushing for further central power for some time, the potential emergence of a "super regulator" within the European Union is something of a fairly new phenomenon. It would appear to many, on the outside at least, that the EU is literally taking advantage of the credit crunch and the economic downturn by introducing the idea of a "super regulator".

There is a feeling amongst MPs and regulators in the UK that the EU model is emerging far too quickly and not enough thought has not been given to the eventual make-up and running of the EU regulator. In the rush to gain power from areas such as the city of London it seems as though sensible planning and application is being ignored in order to take advantage of a weakened monster in the shape of the City.

However, London has been a financial centre for many years and those operating in the market are not willing to give up their power and influence so cheaply. The UK government is now being forced to backtrack on many issues although the fact that various treaties have been signed between EU partners does in reality transfer significant power to the EU commission. We are set to see a "battle royal" in the weeks and months ahead and although the cards are stacked against the city of London there are few who would bet against the strength of the UK financial market!

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