The existence of the euro means that there are no George Soros-type speculators able to organise runs on the lira, peseta or drachma. We have been spared the currency crises of the past.
Err, no. it\’s the absence of a fixed exchange rate system which denies such speculators their chance of a one way bet.
Merkel pointed out it was Whitehall that opposed any regulation of hedge fund activity when the EU tentatively suggested that these outriders of finance capital might, just might, be subjected to the same rules as other institutions entrusted with the public\’s money.
Hedge funds are subject to the same regulation as other institutions. They\’re private companies, they don\’t have any special legal rights, they\’re not backed by hte BoE like the banks are….they\’re just companies like millions of others. And they have precisely the same system of regulation.