Wednesday, May 16, 2012

EU to deviate from Basel III accord

The Wall Street Journal has the report, linked here. Amazing is it not, that the EU, built on the supposed belief that compromise and community of interests provides the solution to all difficulties, nevertheless seeks to undermine one of the longer standing institutions for international harmony.

Britain's Chancellor, George Osborne, is now reported to have gone along with this devious arrangement devised by French EU Commissioner Barnier, which will inevitably lead to other nations picking and choosing which portion of Basel III they wish to apply and further undermining the economic underpinnings of international trade and prosperity.

One must seriously question what exactly the EU now offers the world, and in Britain's case the response will inevitably reveal so little that the earliest possible withdrawal will be seen to be the only sensible, and therefore essential, next step.



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