Herald Tribune: European News Roundup - Whose financial model?; Sarkozy in America; No Eleanor Roosevelt; U.S. policy backfires

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European News Roundup: "Whose financial model?; Sarkozy in America; No Eleanor Roosevelt; U.S. policy backfires"

European directives are under-appreciated in Europe because the costs of change are immediate and the benefits eventual. It is therefore unsurprising that the attitude of the European financial services sector toward the Markets in Financial Instruments Directive (MiFID), which came into force on Nov. 1, can best be described as grumpy. The view from outside the European Union toward MiFID, which is designed to integrate Europe's financial markets, is more enthusiastic due to the popularity of EU regulation in other jurisdictions. Around the world the EU/Financial Services Authority model, which forms the basis for MiFID, has been adopted either as an entire regulatory system or as part of a solution to a specific problem.