Can you think of President Hu Hintao declaring there are clearly two Chinas one with Hong Kong and one without? The best sign so far that the last summit was more about EU internal politics than it was about solving a financial crisis that undermines every economy. Since the very beginning those engaged in a nation building experiment (without telling their people, by the way) knew the day the UK will say no to any sovereign powers loss would come and it was their duty if they had any ambition for the EU to make sure this day never come while pursuing their own goals as a portion of the EU, should this portion be large. But as usual more short sighted than ever the political battle for small powers and the lack of vision prevented the small elected kings to foresee the interest of having within a big regulated industry all over the continent a less regulated and creative sector of the industry with a very large international trade at its door. No vision.
And let's be honest once for all about the crisis. For a over a decade, the banks balance sheets grew at a pace and on a scale never seen before with most of the time absolutely no capital raised defying every single odd of capitalism. It allowed the industry to fuel lending with less capital, reach levels of profitability nobody ever dreamed of, accessory, that lead to unseen levels of payouts and bonuses for management but nothing of all that was ignored whether by regulators or politicians involved in relations with the industry.
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