The commission said it was in contact with the UK authorities over the week-end to support in the design of measures that could comply with competition rules. 

It received a formal notification on 30 September, and was able to decide within 24 hours that the state aid measures comply with EU rules on rescue aid.

Not irresponsible, prudence Browns rules, or the Chancellor of the Exchequer's rules, but the EU's rules.

The UK authorities have committed to submit a restructuring and/or liquidation plan within six months, which will be examined by the Commission under its rules on restructuring aid. (that would be the one that the Badger and Osborne are going to work out under Cameron's plan to help Brown).

They will have to get approval because the unelected European Commission said it proposes to revise EU rules on capital requirements for banks which will also improve supervision of banks that operate in more than one EU country. 

"These new rules will fundamentally strengthen the regulatory framework for EU banks and the financial system," said Charlie McCreevy, the Commissioner for the Internal Market. 

Under the new EU rules, banks will be restricted in lending beyond a certain limit to any one party, while national supervisory authorities will have a better overview of the activities of cross-border banking groups.

So the Prime Minister of the UK (who is also the First Lord of the Treasury) nor the Chancellor of the Exchequer can make independent economic or fiscal decisions about the UK economy, so we can forget most of Osborne's conference promises.

The proposal, which amends the existing Capital Requirements Directives, reflects extensive consultation with international partners, Member States and industry, said the commission. It now passes to the European Parliament and the Council of Ministers for consideration.

The purpose of the Capital Requirements Directives (2006/48/EC and 2006/49/EC) is to ensure the financial soundness of banks and investment firms. Together they stipulate how much of their own financial resources banks and investment firms must have in order to cover their risks and protect their depositors.

Its very clear, directives to the UK not requests of the UK.

Cameron and Osborne, just like Brown and Darling cannot do a damn thing on their own, nothing to do with the FSA, or the Bank of England and certainly not the Treasury, their options are being led by Brussels. Its just a level of window dressing at conference where they pretend that its all their own idea for UK public consumption.

So it will be more of the same under Cameron, it will just be the colour of the rosette that changes.

But then, there is always the Libertarian way.