The London g20 is not the end of the road

London receives the g-20, and we then immersed, as Alice, in the fourth dimension.

Hear Gordon Brown House in Strasbourg, the hand on the heart, the merits of EU financial and monetary matters collaboration, when British Prime Minister has never done that to extract: must be pinching to believe.

See the Financial Services Authority become the Herald of reforms that financial Constable of the City was still blocked for its sacrosanct "light touch regulation", vintage 1997 (the doctrine will be just held 12 years): the arm fall us.

Why step nationalizing banks, while they are there It is that, precisely, there are four British banks nationalized, including Royal Bank of Scotland, the second of the country still. Really, Great Britain is not best placed to give the lesson...

Of course, but let us not lost in the recent past. Albion is not always treacherous. This crisis that has décrédibilisé the anglo-saxon model is the historic opportunity to build a truly global financial order, and not only dictated by Wall Street and the City. However, to do this, we need our English friends.

Coincidence of the rotating presidencies, in effect, it is Gordon the arsonist that is the burden of this international convergence towards a new model more stable and more secure. More thumbing its nose in the history, it is fortunate, because London is the missing link between the United States and Europe. However, a unique politico-astrale combination for sixty years, Britain will not to choose between these two poles of attraction.

Never the channel was also close and is not the fault of climate change. Banking supervision, accounting standards, "hedge funds" regulation, and also remuneration of managers: recently, the British authorities increasing signals of openness to the public and their partners. And not any what wages. Almost as if, suddenly, cars began to roll to the right on the banks of the River Thames.

The issue of tax havens is the best illustration of this spectacular "U turn". Jersey in the Cayman Islands, Britain had left flourish under its umbrella a flurry of opaque courts. An ultra-profitable business, managed by the banks of the City. No need of coconut palms to play the treasure Islands: London is the first tax haven This conveniently well the Government of her gracious Majesty. So far. The recession has changed the equation. Downing Street, desperate to recover delving billions of tax evasion, displays it is all recent its support for the efforts to remove "non-cooperative centres" French and German (in OECD jargon). The other side of the Atlantic, Barack Obama promises to break the Swiss safes or Luxembourg (it will be seen for those in Delaware, with his Vice President, Joe Biden, Senator).

Even if China seems more motivated by issues of Exchange, dynamics, with threats of blacklisting, is committed. It must continue. To date, the notches to banking secrecy by the Switzerland or the Belgium appear to be insufficient. As the tax issue to double a major imperative, to fill the prudential "black holes" that allow a considerable part of global financial flows to avoid radar. Including the "hedge funds", other black holes of the supervision.

In the end, promises were made, the approved principles, but let us not fooled. Gordon Brown remains quarterly by competing interests. He is put under pressure by his public, furious by the excesses of the financial industry. On the other, the tenant of 10 Downing Street suffers the lobby of the City, which even groggy remains powerful. The last fashion across is that there is no urgency to reform, because the financial actors are not in a State of slip again. On a time, it is better to focus on the rescue of the economy... Except that it must beat the iron. "Let's keep the momentum going", as taught in business schools", as long as British and Americans are still under the shock of their errors. The London g-20 is not the end of the road. This is the beginning. And it's Gordon Brown opens the way: it is not the right to fail its historical responsibility.