Sarkozy/Barnier vs the City of London?

vivatifosi

Haven't seen this posted here yet but this is one of the most interesting economic stories in a while. Sarkozy has blamed the anglo-saxon markets for the excesses leading to the global downturn and inferred that his man (Barnier) who is now the EU's Internal Markets Commissoner would be clamping down on the City through new regulatory reform.
The extract below is from the Telegraph

In a speech in the south of France, Mr Sarkozy said the appointment of Michel Barnier was a victory for European economic modelling.
Mr Sarkozy blamed the “free-wheeling Anglo-Saxon” model, favoured by Britain and the United States, for the global economic downturn while praising European thinking which “had nothing to do with excesses of financial capitalism”.

But Alistair Darling, the Chancellor, delivered a blunt warning to Mr Barnier against interfering with regulations governing the City of London, saying any foreign meddling by the EU would breed “confusion”.

In his speech, Mr Sarkozy failed to hide his satisfaction at the chance to try and control British banks and financial services through his former agriculture minister.
“Do you know what it means for me to see for the first time in 50 years a French European commissioner in charge of the internal market, including financial services, including the City [of London]?” Mr Sarkozy said in La-Seyne-Sur-Mer.

“I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism.”

http://www.telegraph.co.uk/news/worldnews/europe/france/6666188/Nicolas-Sarkozy-hails-EU-appointment-to-clamp-down-on-City-of-London.html

Another interesting take from the Indy:

Still, while admiring the President's chutzpah, where has he been during these past three long years? The first evidence of credit crunch contagion on this side of the Atlantic came at BNP Paribas, very much a French bank. Leading victims of the financial crisis have included Holland's ABN Amro (which brought down RBS), Belgium's Fortis, Switzerland's UBS and Germany's Hypo Real Estate. The crunch has not purely been a phenomenon of the Anglo-Saxon business model of which Mr Sarkozy is so critical.

http://www.independent.co.uk/news/business/comment/david-prosser-sarkozy-savours-his-sweet-victory-1832188.html

And finally the Times:

Terry Smith, chief executive of the bonds broker Tullett Prebon, told The Times: “I’ve never seen so much work going on by companies, individuals and teams of people to evaluate relocation out of the UK. Switzerland isn’t in the EU, but there are other destinations being considered as well.”


http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6939892.ece

Apologies for the blue underlining in the Telegraph article, but couldn't get rid of the hyperlinks.

lostinrates

vivatifosi wrote: »

Terry Smith, chief executive of the bonds broker Tullett Prebon, told The Times: “I’ve never seen so much work going on by companies, individuals and teams of people to evaluate relocation out of the UK. Switzerland isn’t in the EU, but there are other destinations being considered as well.”
.

I heard stuff about some companies looking to leave UK that were names that made my hair curl. Its all very well to mock when the issue of leaving UK is raised by individuls or companies...but if they did none of us would be laughing.

Sarkozy is no diplomat is he

purch

Terry Smith, chief executive of the bonds broker Tullett Prebon

Switzerland is a long way from Millwall, Tel :eek:

I guess with all the squillions he's made he can afford a private jet to fly him over on match days !!!

purch

“I want the world to see the victory of the European model, which has nothing to do with the excesses of financial capitalism.”

Unusual of France to blame everyone else, and not accept any liability !!!! (are you listening M.Platini !!!!!)

nearlynew

Given that all politicians are A. lying f*cking thieves and B. are just puppets of the international banking system,

It doesn't matter one iota what any of them say.

vivatifosi

Sky News reporting that Brown has refused an offer from Sarkozy of bilateral talks on the issue to be held tomorrow and that the French and British government had "forthright" discussions at their recent meeting in Trinidad. They are due to meet in Brussels again in a week or so, could be interesting to watch.

Wookster

vivatifosi wrote: »

Sky News reporting that Brown has refused an offer from Sarkozy of bilateral talks on the issue to be held tomorrow and that the French and British government had "forthright" discussions at their recent meeting in Trinidad. They are due to meet in Brussels again in a week or so, could be interesting to watch.

Another reason to smile today: you aren't french.

vivatifosi

Wookster wrote: »

Another reason to smile today: you aren't french.

Comment savez-vous?

Generali

It's going to be a big problem: The City has thrived due to lower levels of regulation. Capitalism thriving really annoys the French Establishment so they will try to destroy The City as it has been such a wonderful example of lack of big Government working and also how regulation Fails.

French established interests would rather see the City fail than see French banks prosper.

I write as someone who spent a year living in France and many years dealing with French banks.

Wookster

Generali wrote: »

It's going to be a big problem: The City has thrived due to lower levels of regulation. Capitalism thriving really annoys the French Establishment so they will try to destroy The City as it has been such a wonderful example of lack of big Government working and also how regulation Fails.

French established interests would rather see the City fail than see French banks prosper.

I write as someone who spent a year living in France and many years dealing with French banks.

Its time for the British to fight this hammer and tongs, and if we lose then to simply give the French a does of their own medicine: ignore the legislation (remember them refusing to allow British beef?).

tomterm8

If it comes down to a choice between the EU and the city, I vote lets ditch the EU altogether.