Sarkozy’s plans to annex the Channel islands
Nothing beats a good crisis, in the eyes of a politician who wants to change the world….
Speaking in the European Parliament today, French President Arthur Fonzarelli called for greater centralisation and state control over Europe’s banks.
He then stated that: “No bank which works with state money should be able to work with tax havens. No financial institutions should be able to work without being covered by financial regulations.” Does this mean exposure for Luxembourg’s bankers? Of course not, they will be able to rest easy, this is a veiled reference to the British Crown Dependencies, the Channel Islands.
The French cannot bear either the independence or the financial success of the Islands, which they covet dearly. The Fonz has an ally, of course, in Dawn Primarolo, who threatened the Islands with ruin should they attempt to reallign their financial markets with the US or Japan in an attempt to escape the smothering effects of the Lisbon Treaty - the Islands are not members of the EU, but as they take their sovereignty from the Crown they have been in a bit of a quandry since HM signed the treaty.
It will be interesting to see what happens now, but the Luxembourgers won’t have to worry too much….
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