The European Union has demanded the creation of new regulatory supervisors for banking, insurance and securities. Naturally this won't be just three people, there will be lots of high salaried staff, lots of offices, lots of international travel and lunches. Indeed the agreement paves the way for a European Systemic Risk Board, with even more of the above.
Incredibly, the British Government has gone along with it, giving up the power to regulate the City of London.
You will remember that David Cameron promised us a referendum if any powers were given up to Brussels.
So can we have it, then?