So who shall we believe

To chaps. Two speeches. Two Cities. Two tales to tell.

Up first I give you one David Cameron, Prime Minister. He was giving a statement to the House of Commons about last week's Council meeting in Brussels.

So on budget surveillance let me be clear – the UK Budget will be shown to this House first – and not to the Commission.

Of course we will share projections and forecasts just as we do with the IMF and other international bodies.

Co-ordination and consultation – yes

Clearance – no. Never.

Strong words indeed. Never is an awfully long time you know Mr Cameron, an awfully long time indeed.

Meanwhile at much the same time we have the second speech.

In Brussels appearing infront of the Economic and Monetary Affairs Committe in the European Parliament was Jean-Claude Trichet. The Governor of the European Central Bank was also talking about the peer review procedures.

We need a quantum leap in terms of framework for surveillance. We would regret enormously not to seize this occasion. I trust that we have to improve surveillance and coordination at the level of the 27 (EU countries). The single market is an entity which is very important to function correctly.

Doesn't look to me like the EU has quite heard your certainty Mr Cameron.
How about this

We were very explicit when we said we didn't want to do damage to the (European) Commission's prerogative. There are cases where the Commission should be able to make proposals which should not be combatted ... by the countries concerned. We need surveillance mechanisms and machinery which is very strong. This independent entity preferably within the Commission is something we are attached to.

If you want to know how they are thinking, just go along and look. Nobody in Brussels is hiding a thing.