Dr North is at the menders today having his Direct Neural Interface realigned (or somesuch) and has asked me to keep the blog warm today. Were he allowed to take his laptop, I am quite sure he would have something to say about this. First off we find a regulator investigating a system it has no regulatory influence over and, surprise of all surprises, finds no need for significant change. Just as well, since finding fault would mean a name-the-elephant raffle.
Next up we get this little gem...
Joaquín Almunia, European Union competition commissioner, told the Financial Times that the bloc suffers from a fragmented market, lacking an integrated payment system, which makes it more difficult to compete effectively with banks from the US or China.He continues...
“From my perspective as the competition commissioner, I would not have any problem with observing a process of reducing the number of players at the European Union level. We have a lot – too many,” Mr Almunia said.
But he admitted: “In the short term, the problem is the fragmentation of our internal market. The retail market is national still. Mortgages are national. And this is a real problem for Europe.”What's that you say? I can't hear you over the sound of my irony chip in full meltdown. Not content with robbing us blind and making a pigs ear into the bargain, they can tell us with a straight face that "consolidating the market" leads to greater competition.
Next they will be telling us to invest our pensions in renewable energy. Nah!
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