Formidable Powers of Intervention

This is some incredibly confusing news to decipher, but given the players and subject that’s not too surprising.

The European commission underlined the negative impact of David Cameron’s summit gambit by pledging that the City’s financial institutions would be subject to new regulations hatched in Brussels.

So… the City, as it were, is England’s version of Wall Street, Charlotte and/or wherever else calls itself the center of the financial industry. Cameron evidently went to bat for it, protecting London’s sprawling financial sector from ‘excessive regulation’ at the European summit last week. He either vetoed the EU treaty or it proceeded without him. Whichever, it moves on now without the UK.

Cameron’s move isolated Britain in Europe as seldom before, producing weekend headlines and comment across Europe that the UK was on the way out of the EU.

“We want a strong and constructive Britain in Europe, and we want Britain to be at the centre of Europe, and not on the sidelines,” said Rehn. “If [Cameron’s] move was intended to prevent bankers and financial corporations in the [City of London] from being regulated, that is not going to happen. We must all draw lessons from the financial crisis, and that goes for the financial sector as well.”

It’s almost like a glimpse into the future, where industries sponsors national governments to protect their interests, couched in proprietary language that conflates the country with the industry, and makes their interests one and the same. The future, or the recent past – I can’t figure which.