EU finance ministers are launching an assault on bankers and top managers, applaudes Countess du Ruel. For too long now excessive risk has been taken by financial institutions without regard for society or shareholders.

My friend Anna in Brussels tells me that ministers have their eye on curbing stock options, bonuses, and golden parachutes. So far bankers, fund managers, and elite financial players have been unhampered by regulation. Regulation could threaten London’s role as the world’s leading financial centre.

Ministers believe that activity in London is dangerous to global financial stability.

Proposals have been made to discipline the market and curb private equity and sovereign wealth funds. In Holland there is a 30 per cent supertax on pay packages above £398,000 and there are limits on bonuses and stock options to 100 per cent of pay. This is significantly below the windfalls of UK traders and bankers at the height of the credit bubble. Chancellor Merkel of Germany has called for a crack-down on ‘fat cat’ abuses. The European Parliament is exploring curbs on hedge funds, private equity and bonuses.

In Holland efforts are being made to control the levels of leverage and to make sure that private equity keep more of the risk.

Anna says many Europeans think London needs these controls regardless of what happens to the global status here.