Here the Guardian reports on where were effectively Prime Minister David Cameron's blue lines which saw him wield the veto to protect the City of London. Cameron had demanded that:
- Any transfer of power from a national regulator to an EU regulator on financial services would be subject to a veto.
- Banks should face a higher capital requirement.
- The European Banking Authority should remain in London. There were suggestions that it might be consolidated in the European Security and Markets Authority in Paris.
- The European Central Bank be rebuffed in its attempts to rule that euro-denominated transactions take place within the eurozone.