The Corner

The Boss Doesn’t Have Time To See You

David Cameron’s failure to push back against the further extension of the EU’s control over the financial markets will ensure not only regulatory overreach, but, ultimately, contempt on the part of those to whom he surrendered. The Daily Telegraph reports:

When it comes to imposing regulations on the City, Michel Barnier is fond of promising: “We will go further.” But not as far as actually coming to London, it seems. The European Commission’s head of Internal Markets – the man in charge of the machinery of financial regulation – has refused a request to explain his reforms to the Treasury Select Committee. Andrew Tyrie, chairman of the influential Parliamentary committee, has revealed that Mr Barnier has declined to appear before MPs. Instead he offered a senior official to answer questions in his place. Mr Tyrie has written an open letter to Mr Barnier’s boss, the President of the European Commission, complaining about the snub and demanding that the decision is “reconsidered”…A spokesperson for Mr Barnier told The Daily Telegraph that he would face the Select Committee at some stage, but said that “because of his very busy diary and the short notice, it was impossible for the Commissioner to be in London at the proposed dates.”

In his letter, Mr Tyrie said: “The UK has a very large proportion of the EU’s share of global financial markets. The regulation of this sector is a matter for the Commission at the highest level, all the more so since the banking crisis. Decisions taken by the Commission will affect the UK more than any other EU state.”

…The Committee chairman’s stance will be backed by City firms where there is a growing concern that European regulations are being introduced without concern for the damage they pose to London’s financial sector.

That’s too optimistic. So far as Brussels is concerned, the damage that these regulations will do to London (and, of course, American firms) is a feature not a bug.

Most Popular

Politics & Policy

Political Clans Choose Public Life

Announcing that she has filed for divorce from her husband, Donald Trump Jr., Vanessa Trump wrote: “We ask for your privacy at this time.” That isn’t quite what she meant — apparently, nobody in the Trump family ever will speak English as fluently as Melania — but the sentiment was predictable enough. ... Read More

Two Truth-Tellers, Brave as Hell

Yesterday, the Human Rights Foundation hosted an event they called “PutinCon” -- a conference devoted to the Russian “president,” Vladimir Putin: his rise and his deeds, both at home and abroad. Participating were both Russians and well-wishing foreigners. It was, above all, a day of truth-telling -- a ... Read More
Economy & Business

The Swamp: Navarro Nucor Edition

The Wall Street Journal has a story today about the ties between President Trump's trade adviser, Peter Navarro, and the biggest steel company in the U.S. -- Nucor Corp. It is particularly interesting in light of the stiff steel tariffs successfully pushed by Navarro, which he championed ever since he joined the ... Read More


EMPIRICAL   As I can fathom neither endlessness nor the miracle work of deities, I hypothesize, assume, and guess.   The fact that I love you and you love me is all I can prove and proves me. — This poem appears in the April 2 print issue of National Review. Read More
Politics & Policy

Rolling Back Dodd-Frank

The Senate on Wednesday passed a bill that would roll back parts of Dodd-Frank. The vote was 67–31, with 17 members of the Democratic caucus breaking party lines. If the legislation passes the House and is signed, it will be the largest change to the controversial financial-reform package since it became law in ... Read More
Politics & Policy

Samantha Power Regrets

‘I’ve had a lot of bad ideas in my life,” former U.N. ambassador Samantha Power tells Politico. “Though none as immortalized as that one.” Wow. It’s a major concession. And what might “that one” be? Not standing idly by in the White House while Iranians protested a fixed election in 2009, then ... Read More