In news out earlier this morning the UK has scored a notable victory over the ECB with regards to the clearing of large euro transactions
The UK has won a court
ruling against the ECB which could have forced firms
handling large euro transactions to move to the Eurozone.
The surprise victory ends a three-year dispute which could have banned the clearing and settlement of euro-transacted deals in the UK after the ECB had said firms managing large euro deals should be Eurozone-based.
But the EU General Court has ruled that the ECB lacked the legal powers to enforce this saying:
The ECB lacks the competence necessary to regulate the activity of securities clearing systems as its competence is limited to payment systems alone
A victory for common sense methinks
The BBC carries more here