Article originally featured on Trending Central.
Britain’s attempts to rein in the European Union’s finance regulator were dismissed by the European Court of Justice, which inflicted another setback on David Cameron’s ambitions to influence the EU.
The Court’s decision has conferred power to ban short-selling to an EU ‘watchdog’ – the European Securities and Markets Authority (ESMA). It represents a serious blow to the independence of London’s finance sector, recognised as the financial hub of the world. However, we are a frequent victim of interference by EU officials who have little stake in the continued prosperity of the City.
David Cameron’s failure to overrule the EU on this matter illustrates the futility of his desperate bid to reform the EU. Despite being one of the three major Member States, along with France and Germany, our membership seems to afford little by way of influence, and despite the threat of our getting out of the EU, attitudes in Brussels are entrenched in their reluctance to compromise or accommodate the interests of Britain.
The true villain in this case is the European Court of Justice, whose decision defied the recommendation of the Advocate-General Niilo Jääskinen that a ban short selling would lack democratic legitimacy. A statement like that from an EU lawyer is a rarity, and it reveals the level of contempt the EU has for Britain and our continued sovereignty. The ECJ is also different from other judiciaries. Rather than having a duty of impartiality, they are duty-bound to expand the power of the EU at every opportunity. How can the actions of a state be judged by a court that doesn’t even pretend to be neutral?
Eurosceptic parties are expected to be wildly successful in the EU May elections. However, even though Cameron voiced the threat of a British exit, nothing seems to dent the boldness of the Eurocrats. Despite Cameron’s claims that he is engaged in dialogue with our EU allies to affect reforms, there is precious little to show for it. He is delaying the inevitable referendum on our EU membership on the back of a false promise.
Meanwhile, the British financial sector is at the mercy of even more assaults from the EU. This latest attack is one of a long series. In the past Cameron had to fight tooth and nail against the financial transactions tax and bankers bonus cap. We can be assured that further battles will have to be fought. There will be no guaranteed victories, but almost certainly defeats.
Evidently, our membership of the EU cannot be sustained if we want our national sovereignty and independence intact, and the case to Get Britain Out of the EU as soon as possible is becoming ever clearer as we approach the EU elections in May. If the Great British Public want their interest to be protected, they must vote against the shambles that is the current status-quo.
Alan Murad, Acting Campaing Manager of Get Britain Out, a Eurosceptic think tank.