French regulator slams David Cameron

2011-12-12 16:41

Paris - Prime Minister David Cameron proved the British political right is the world's stupidest by refusing last week's European summit deal on fiscal reform under pressure from narrow financial lobby interests, the head of France's financial sector regulator said on Monday.

"For a long time it was said that the French right was the world's stupidest," Jean-Pierre Jouyet, head of France's AMF regulatory agency, said in an interview on France Inter state radio.

"I think the English right has shown it is capable of being the world's stupidest, in serving purely financial interests and not the national interest. That's regrettable because we need our British friends in Europe."

Cameron's refusal to sign up to the deal agreed at a summit in Brussels last Friday was a "rare example in the history of the European Union" where financial sector interests prevailed over broader British interests, said Jouyet, once a chief aide to former European Commission chief Jacques Delors and a European affairs minister as well as French Treasury director.

It was all the more striking, said Jouyet, given that more than two million British workers recently protested against austerity measures in a country with a public deficit worth 8% of GDP and debt worth 80% of GDP, but pay rises averaging 49% this year on average for bankers.

"[Former Prime Ministers Tony] Blair and [Gordon] Brown would not have made this error in negotiation," said Jouyet, who has advised Socialist presidential candidate Francois Hollande.

Cameron was left out in the cold when France and Germany refused to give him the safeguards he wanted for the powerful City of London financial services industry during talks on fiscal policy reforms in response to the debt crisis in Europe.

  • Hugh - 2011-12-12 17:37

    Aaah but is the French debt way beyond that of the UK. The French debt is 40% GREATER meaning that the UK would have to bail out the French yet again. No so stupid when you see the laws on human rights and such that have had to be changed becuse of Brussels say so. Laws that do n iot have to be applied in the shengen group countries because few want to stay there.

      MelvernYoung - 2011-12-12 19:32

      On what information do you base your statement that the French debt is way beyond that of the uk. See the following information on available from IMF and World Bank. 1. Countries with most debt in Europe is, UK (227bn), Germany (123bn) and France (112bn) 2. IMF rates Germany as biggest economy in Europe, with France second and UK third. 3. EU generates GDP of 12,279Billion USD per year, making it the largest economy in the world. Even without UK in EU the EU GDP will still be comfortably the largest economy in the world. 4. If you live in Europe you will find that most of us do not like the way that David Cameron thinks he is the MAN. Not he or his government was very active in the negotiations prior to the last summit, but wants to dictate what the outcome must be. London is not what it used to be. Also remember that the current economic hardship was caused by the US with their Lehman Brothers that went bust and the UK's Royal Bank of Scotland (RBS) that was taken over by UK government. RBS share price went from 1014 pence to current 20 pence. With UK government owning 66.94% of the bank. Now the EU sees a possible second dip in world economy developing and are busy with "pre-emptive strikes" to prevent a major disaster and the UK prefers to stand on the sidelines. They will soon come begging to Europe.

  • GKISSELLA - 2011-12-13 12:12

    Britain is contemplating withdrawing from the EU. If it happens, it will be disastrous for British citizens.

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