Let me make it crystal clear

Gordon Brown "cannot hide" from his responsibility for Britain's economic woes said David Cameron today

He also said "As we look at the wreckage of our economy after ten years of irresponsible Government, it's clear that if we're going to make the most of those resources we need change - not more of the same,"



Yeh Yeh Yeh

And what you gone a do about it Mr Cameron, pull out of the European Union?

The regulation of financial services is an exclusive European Union competence – it comes under the Single Market provisions and is touched by other aspects of the treaties, such as the "freedom of movement of capital" and "right of establishment".

Not only is this an exclusive competence, it is also what is known as an "occupied field", an area in which the European Union has chosen to legislate.

This means that member states have very limited powers. They may not legislate in areas which are already covered by EU law and which will interfere with or in any way contradict EU law. And EU law, as you well know, is supreme and cannot be changed unilaterally.

As a general rule, the member states may only legislate in this field in order to implement EU law, to clarify it or to ensure its proper enforcement.

A member state may, however, go further than EU law, but only if it does not contradict EU law and does not impinge upon treaty provisions, such as "freedom of movement of capital", and then only with the express permission of the EU commission.

Hat tip Eureferendum
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