Peter Hoskin

At least Gordo and Sarko are still friends...

At least Gordo and Sarko are still friends...
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If you're looking for some sort of light relief after yesterday's horror-PBR, then can I recommend the joint article by Gordon Brown and Nicolas Sarkozy in today's Wall Street Journal.  Yep, the two men have put their recent spat behind them, and have cemented their relationship by huddling over a typewriter and bashing out just under 900 words on global financial regulation.  The Entente Cordiale never looked so strong.   

Beyond the display of unity, it seems the article's purpose is to convince the City that the EU's French finance commissioner won't blunt our competitive edge.  Hence lines like this:

"We recognize the importance to Europe of ensuring that we have globally competitive financial services, and the importance of developing world-class financial centers such as London and Paris."

Problem is, most finance types I've spoken to today seem more concerned about yesterday's PBR than anything the French might get up to.  The bonus tax is unpopular, of course – but, as James said earlier, they've mostly wriggled out of that.  It's the lack of a clear debt-reduction plan which really seems to be setting City nerves a-jangling.