In the larger political environment, the failure of the EU's rigid economic and monetary union (EMU) will become one of the most noteworthy issues of the entire financial crisis. Why? Because at its heart, Europe has always been wrong to assert that a singly harmonised and regulated European economic landscape with one single currency will work.
It is the doomed economic environment upon which the European banking system rests, particularly for the eurozone 15. And now consumers, taxpayers and voters are paying the price. […]
Britain requires a national solution to the banking crisis which is grounded in redressing liquidity and solvency concerns, cutting regulation, achieving a degree of self-regulation within the City, and which also frees the consumers and taxpayers from a burdensome, choice-less, heavily-debted, overly-regulated social Europe, in the middle of which sits the British banking system.