Building on yesterday’s chat about London versus Europe, there’s more to this than initially meets the eye, as it’s also Europe versus Banks.
That’s the real thing here, and it’s a political agenda rather than a market based one.
The politicians are all conscious of their short tenure in their parliamentary seats and want to reach out to their voters by showing a strong political stance against the banking system.
Knowing that their supporters are driven by the media to believe that all bankers are greedy, arrogant pigs, they do not care too much if they flagellate the industry publicly.
This certainly seems to be the position the Eurocrats take, and it’s why the UK has the problem but, as mentioned, so do the banks.
Read more at Financial Services Club Blog