The EU and Market Matters
EU Referendum reveals that the EU commission has known for at least a year that there have been disastrous "shortcomings" in its system of financial regulation. This system includes the measures for the application of the "mark to market" rules which lie at the heart of the current banking crisis.
The commission has also known that changes to the system were urgently needed to prevent a repeat of the "market turmoil" of the summer of 2007. Yet, despite a massive effort, it has only just been able to deliver drafts of these vitally needed changes.
What is particularly damning though is that the commission is actively hiding its part in what amounts, probably, to the most serious regulatory failure in the history of mankind – certainly the most expensive.
As they are busy doing sterling work there exposing the red tape that is behind the crash, and how the solution offered is more red tape, let me highlight a less weighty matter, but further evidence of the corrosive effect of the bloody continentals on the British trading system.
In September last year, Gunther Verheugen, the European Commission's vice-president for enterprise and industry, said Brussels never intended to criminalise those who sold in pounds and ounces.
But days after Mr Verheugen made his remarks trading standards officials from Hackney Council, accompanied by two police officers, arrived at Mrs Devers' stall to confiscate two sets of imperial, non-metric scales
Magistrates ordered Mrs Devers, from Wanstead, east London, to pay just under £5,000 in costs and told her she would have a criminal record after being found guilty of eight offences under the Weights and Measures Act.
The "metric martyr" was also convicted of selling vegetables for £1 a bowl rather than counting them out individually, a common practice among Britain's estimated 40,000 market traders to help customers confused by metric measures.