(Artist on rails of the Paris' underground: Maciek Pozoga)Not really La vie en rose for democracy: in the U.S., our friends from the U.S. Supreme Court are considered to have handed a new weapon to lobbyists: "If you vote wrong, a lobbyist can now tell any elected official that my company, labor union or interest group will spend unlimited sums explicitly advertising against your re-election" (see the NYT).
Revision of financial services and reduction of their autonomy in American Congress will consequently be tougher than expected.
World news report that in annoucing his proposals to limit on the size of banks and their ability to make risky bets, U.S. Pdt. Obama warned that if the financial industry wanted a fight over new restrictions, it was a fight he was ready to have.
Obviously they're ready too now, with an ancillary blessing granted to the Supreme Court...
In Europe, new commissioner Michel Barnier has no other choice than being full of ambition and aiming at "improving" financial regulations too.
A sign however that difficulty is yet to come: during his hearing, the perfidious Albion's representatives in the European Parliament, i.e. the British MEPs, with great loyalty to their reputation, did not really protest against that ambition. They made unconvincingly little noise in the rows and before cameras, though there is no good reasons at all they let the EU kill the goose that lays the golden eggs.
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