After keeping schtum I couldn't help but think that the fact that the EU is in the process of setting up three finacial regulators, including the European Banking Authority that is to be housed in the City was making much of what was being discussed rather irrelevant, so I asked
"Don't you think that the fact that the EU is setting up a series of three finacial regulators, and the fact that Lord Turner and Hector Sant have already stated that tye future role ofthe Bank of England will be to 'apply EU regulations' mean that this discussion is rather redundent? After all Regulation will be set largely in Frankfurt by people who are antipathetic to the city and have no real interest in its sucess or otherwise?"David Davies smiled, thought about it for a couple of seconds and said,
"Yes".The room laughed.
He qualified it a little by pointing out that EU regulators will not have an entirely free hand due to the interests and influence of the US, but he said,
"Essentially, there is a great deal of truth in what you say".