June's EU summit may have calmed the UK politicians worried about the Eurozone's growing influence, but lawyers say that the concessions are not enough. Add that to concerns over an accelerated timetable and an unclear drafting process, and you have yet another political storm with nothing for lawyers to grab hold of.
"Lawyers like to see directives and documents first," said Norbert Wiederholt, a banking partner at Allen & Overy in Frankfurt. "We've got nothing tangible as always, just plans that look like a dog with a loud bark but no bite."
At the summit, EU leaders agreed to endorse and implement the regulatory proposals put forward by the Economic and Financial Council (Ecofin) at its meeting the previous week. And initially both in-house counsel and private practice lawyers that IFLR spoke to were relieved that the Ecofin plan, drafted on June 9, relied primarily on national supervisors,...