George Kerevan: Glacial tightening of the regulations needs clarity

TODAY should see the publication of the European Commission's working document on overhauling financial regulation within the EU. If acceptable, this draft will go to the meeting of EU leaders next month. What does Brussels have in mind for us?

The conundrum is this: everyone says they want tougher regulation but no-one wants Brussels to intervene too much in their national banking system. Plus no-one wants the European financial services industry to decamp to America or Asia.

Leaks sugg...