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Subject UK banks could be shut down or forced into bail-outs by Brussels - Jose Manuel Barroso wants the EU to evolve into a "federation of nation-states

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Original Message Banks in London could be shut down or forced into taxpayer-funded bail-outs against the wishes of the British authorities under controversial "banking union" proposals from Brussels, it can be disclosed.

A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.

They would be given "full decision making powers" to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.

Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.

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Under the proposals, the newly "independent panel" of officials would have full and binding powers to impose EU law and to arbitrate disagreements between Britain and the eurozone over how the City is regulated. The proposals will "confer full decision-making powers to the independent panel on breaches of EU law and settlement of disagreements", the plans outline.

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[link to www.telegraph.co.uk]

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