Pension funds will in effect be restricted to investing in sovereign bonds and not the higher yielding corporate bonds which incidentally directly finance industry. My old boss at the BoE deputy governor Paul Tucker said last week,"At the bank we are dismayed at how much it is costing the industry (insurance) and the regultor to adapt."
The irrelevance of UKIP MEPs to the process is shown by compromise discussions being discussed with Tory and Labour MEPs presumably because they understand a bit about these complex issues. What is the point of sending UKIP MEPs to Brussels who are not up to these jobs? Well the prime criteria for getting on a UKIP MEP slate is blind support for Nigel Farage. Talent, ability and experience is irrelevant.