Banking rules: UK begging for flexibility just shows lost sovereignty • Responding to news that EU finance ministers are holding a snap meeting in Brussels (02.05.2012) devoted to new capital rules for banks, UKIP Economics spokesman, Yorkshire MEP Godfrey Bloom this afternoon said:
"Listening to George Osborne beg for flexibility just shows that the UK has lost sovereignty on this issue.
"Agreement on Basel I, II or III is simply irrelevant. The fractional reserve banking system has failed completely. Banks crash because they are bad banks.
"It does not matter if a bank is 85% insolvent or 75% insolvent.
"Beware of more bank failures in the next few years, we appear to have learned nothing from the 2008 experience."