Pursuing the theme of how others see the European Union, it is interesting to note that the special report commissioned by the Mayor of New York Michael Bloomberg on why his city is being outperformed by the City of London as an international financial centre, underlines the advantages to the City of London of being inside the European Union. It even singles out the benefits of European Union financial market legislation in creating a single market in financial services. The report says that the market in financial services directive (Mifid) will further improve things for investors and it urges US regulators to catch up with the EU by introducing proper international financial reporting standards.

This doesn't quite tally with the Eurosceptic myth of the City being strangled in red tape!