Monday, November 21, 2011

Barnier prepares new French broadside against British business!

This time it is new auditing regulations that the Frenchman has lined up to advance the cause of ever greater corporatism. (Read Forbes' Michel Barnier: A Politician Trying to Make Things Worse from Forbes 16/11/11 for the most recent earlier example, linked here.)

Reuters reports, linked here, that following a leak of the new proposal last September, the UK Financial Reporting Council Chief Executive Stephen Haddrill has told an Ernst & Young ERNY.UL accounting conference: "We think that many of the proposals are extremely damaging and threatening to the quality of audit and would do no more than add cost,"

In a continuing blast he later added "We thought it was going to emerge like an independent regulatory body but we have seen in the early months of its creation the (European) Commission taking a very close interest in what it's doing and I think exercising a great deal of central and political pressure on it to follow a particular pathway," Haddrill said.
"ESMA should retain a high level of independence from the political process," Haddrill added.
He also urged European policymakers to think globally.
"If we build a fortress Europe we are going to be doing ourselves a great disservice," Haddrill said.

Our politicians have received enough warnings, a fortress Europe is exactly what is being constructed and those in charge should be already removing us from it!



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