Britain has secured a third breakthrough in as many days in its campaign to check perceived over-reach from Brussels, as a senior adviser to Europe’s highest court recommended clipping the powers of an EU market watchdog on short-selling.
In the closing stages of a turf war in Brussels triggered by the 2008 financial crisis, the UK this week advanced on three contentious issues: the financial transaction tax, regulation of Libor and the power of EU agencies.
While the gains are far from booked, the developments will be welcomed in the UK Treasury, which has at times struggled to shape Brussels policy proposals or build diplomatic coalitions, notably over the bonus cap for bankers agreed last spring.