Death Star Economics



Looking like an idiot, looking like George Osborne

The Eurogroup met in Brussels yesterday to discuss a proposed Capital Requirements Directive for European banksDenmark, whose banks are doing pretty poorly at the moment, suggested a compromise that would re-transfer responsibility for capital rules to member states. These European requirements would be on top of those prescribed by Basel III. But after much negotiation, there was one country, out of the 27 EU member states, which refused to sign the deal. Let’s think about who that might have been… a piece of legislation that taken power from Brussels and redistributes it to the nation states. Hmm. Germany? No. The UK, of all countries… George Osborne‘s prime reason for refusal was that the deal would have “look[ed] like and idiot. Poor man, he already does.

According to the WSJ

[…] Osborne had insisted on including new “macroprudential” regulatory instruments into the discussion on how much power member states should have in setting the rules for their respective financial sectors. Ironically, the government was unable to say what macroprudential powers it wants, as it says this is a matter for the new and independent Financial Policy Committee.

In FranceHollande and Sarkozy fought for the hearts of French voters on national television, calling each other liars and ‘unpleasant. Overall, the debate doesn’t seem to have done much damage to either candidate though, i.e. Hollande is still leading the polls. read article

Otherwise, today is World Press Freedom Day, the ECB is meeting in Barcelona to discuss policy and HSBC has a bit of money laundering scandal on its hands.

More on Occupy as the new labor movement here.

Finally, Felix Salmon dissects the FT’s subscription pricing policy, which, at least in the US, seems to depend on the browser you’re using… Overall, however, the FT is priced way above other business papers, making it the absolute 1%er paperread article

So long.


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