Eurozone regulators and othodoxy challenged

The Sunday Telegraph carries two interesting pieces today on the Eurofolk. Our esteemed and useless MEPs have voted for all three of the proposed EU financial regulators to be based in Frankfurt. Do these clowns not realise that Sarky Merkel set up three regulators so everyone can have one?

Wee George is going to give these MEPs a piece of his mind this week and demand one of these regulators be London based. I think he might get the support of Sarky and Merkel for this demand and thus polish up his Europhile credentials as well. A win-win situation for wee George. More difficult will be his demand that the EU super regulators will not be able to over-ride the decisions of national financial regulators because when they cock it up, as they surely will, it will be the national governments that will have to cough up and clean up the resulting mess just like last time.

Then there is the vexed question of who will appoint the head honchos of these regulators. At present it will be the Commission. Wee George wants national governments to have a say. Oh dear, I see more jobs for van Rumpoys and Cathy Whos. Non-entities preferably with no knowledge of finance please submit your CV to M Barroso, Brussels.

Meanwhile back at the ranch Capital Economics, aka Roger Bootle, have produced a report saying 'breaking up the Eurozone would benefit Europe'. These smart economists make a lot of money out of opining the bleeding obvious. The problem Mr B is as you should remember from your PPE course the first P stands for Politics. The break up of the Eurozone would be an economic, the E in PPE, win-win situation for all the peoples of Europe. Only one group would lose out, the European political class. Ah well  another great, if not original, idea bites the dust.