Public Banking Enquiry

David Cameron has today called for a public inquiry and investigation into the problems with the regulatory framework that led, in part, to the recent banking collapse and economic crisis.

An intelligent move by Mr Cameron, though it did take him some considerable time to get around to it seeing as others had been asking for an inquiry months ago.

However, even if Mr Cameron does get the inquiry he wants, the report may not come soon enough. Already, the great and the good in Europe are pressing ahead with plans to pass the regulation of all financial markets and hedge funds onto the European Union’s undemocratic institutions.

Although it was entirely predictable that the EU would use the financial crisis (which they played their part in creating) as a means to further their process of political integration and ever closer union, it would have been helpful if, just for once, they ignored their political project and attempted to understand the causes of the regulatory problem they are supposedly trying to solve before legislating to correct it in the way they are now.