CyprusLiving

The UK secured an important victory at the European Court of Justice, ECJ, last week which appears to have gone relatively unnoticed, or not commented on by the few and fast dwindling supporters of the flawed Euro Zone. The victory was the ECJ’s finding in favour of the UK on the European Central Bank’s desire to limit the clearing of euros by banks outside of the Euro Zone; yet another failed assault by the EU to hobble the City of London. Little has also been published as to the reasons for the ECJ most usually finding in the UK’s favour. Could the reasons have been something like:

A. The original ruling was illegal – but illegality hasn’t prevented the EU from taking actions against the UK before?

B. The European Court, probably informed by Germany, that with the impending collapse of the Euro it would be far better to let the City of London carrying on managing the 75% of foreign exchange transactions of the Euro against other currencies, something that it has been doing since the euro was formed? Remember a UK firm, Capital Economics, won the prize for the best method of breaking up the euro, see Roger Bootle’s Video’s on this subject on You Tube.

C. And/or other Euro Zone financial capitals in Europe got in first and informed Germany that if Germany didn’t take over the London role they most certainly wouldn’t. Better to have the UK manage the euros break-up leaving them in the clear.

When the dealings with Greece are finally concluded we may find out the reason(s) and a very relieved Chancellor of Germany begin the process of putting the Euro in the dustbin where it has always belonged.

This was reported on the BBC World News last week and on their Money Programmes plus it was reported in several on-line newspapers so no agenda to under report as far as I can see.

Jim