A senior French official has confirmed Gordon Brown is almost powerless to stop the creation of a European regulatory machinery at today's EU summit, opening the way for a transfer of control over the City from London to Brussels, reports The Telegraph .
"There will be a pincer movement on Britain," said a key aide to President Nicolas Sarkozy, speaking at a pre-summit briefing. Paris believes the push for tighter regulation by the Obama administration leaves Britain in a weak position as it tries to fight off the assault on the City. "If the Americans make strong commitments towards regulation and on derivatives and other sophisticated products, I believe they are going further than the Europeans. That will provide a boost to the most determined among the Europeans," said the official. "It will be a reminder to the British that they ca...
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