Two examples from today:
The EU only deemed the UK’s regulatory regime for euro-denominated clearing to be equivalent to its own for a temporary period after Brexit.
That period is due to expire next June – raising the risk that financial institutions based in the bloc would be forced to find a clearing house in the EU after that date. About a quarter of the business carried out in the UK is denominated in euros.
By contrast the EU has deemed the US regulatory regime to be equivalent on a more permanent basis, despite the UK having identical rules to Brussels.
Can’t have euro-clearing in London, must be inside the EU. Can have euro-clearing in New York, despite the need to have euro-clearing inside the EU.
Lobbyists in Brussels waged a campaign against the rollout of the Pfizer-BioNTech Covid vaccine by claiming it was insufficiently European, a new book by the jab’s inventors has said.
Opponents allegedly told politicians last year that they should not order doses of the injection because BioNTech, a German company, had teamed up with US behemoth Pfizer rather than working with another company based in Europe.
According to the book – written by journalist Joe Miller in collaboration with BioNTech’s founders Dr Ugur Sahin and Dr Özlem Türec – lobbyists branded Pfizer “the epitome of cold capitalism” and claimed: “If we give one euro to CureVac, or Sanofi, or a European company, it is one euro for Europe. If we give it to BioNTech, 50 cents will always end up in the US.”
Missing, of course, the point that the purpose of trade is to gain the goods, here a vaccine that actually works. As opposed to the Sanofi and whatever that one that begins with a V is.