Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-198-000"
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"en.20110705.34.2-198-000"2
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"Mr President, permanence is the illusion of every age. One of the things that is most striking when you talk to people in the City of London is their belief that somehow there is an entitlement to the pre-eminence that they enjoy, that it is automatic. I am sure that their equivalents in medieval Bruges, Venice or Amsterdam felt the same thing. I can imagine those people as portrayed by the Old Masters with their luxurious furs and their rich, embroidered cloths and their golden chains saying ‘no, London does not have the infrastructure to take over from us, we are a natural hub, we are obviously going to be the banking centre of the world’. But bit by bit, as a result of these EU regulations, we are losing our pre-eminence.
This particular report is only one small chip into the architecture. I think that credit default swaps are an important hedge for some investors, they help optimise capital. But this report on its own is not going to bring the end of the Square Mile. The trouble is that it is part of a barrage of EU legislation covering almost every aspect of financial regulation, the net result of which will be an epochal shift in wealth from Europe to Asia, to the detriment of London specifically but more widely to that of the whole European Union."@en1
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