Well, on second thought, there are some positive consequences to the Irish NO vote on the Lisbon Treaty. The first one reported in the FT this morning is the shelving of a French proposal on uniformity of taxation across EU.
THE MERE THOUGHT OF THE FRENCH MAKING TAX PROPOSALS TO THE EU IS ENOUGH TO SEND SHIVERS DOWN MY SPINE.
See, one of the reasons I am going to Spain instead of France is that their tax system makes a lot more sense ... for me.
From the article, and in all fairness some of it sounds good :)
During the next six months, France would try to ensure that ratings agencies were subjected to EU scrutiny, that the Basel II capital requirements for banks were supplemented with liquidity requirements and enshrined in EU legislation and that there was better co-ordination between European market supervisors.
On supervision, Ms Lagarde wanted to establish an informal college of supervisors: “We don’t believe it is realistic at all to have a single European supervisor.”