Euromyth
Sir: Caroline Driscoll's article (Now Brus- sels wants a job in the City', 28 September) has all the ingredients of another Euro- myth scare story. Surely, the point is not who but what 'is the driving force behind it' (the Takeover draft directive). It would have been more helpful if this had been explained.
In general, the European Commission is either following a general policy adopted by the EU Council (heads of member states) or proposing secondary legislation (for decision by the council of ministers) which is deemed to be required by the key articles of the treaty. Furthermore, it is probably more concerned with the problems, in this instance, of freeing up cross-border rather than national takeover activity. That the draft directive may be flawed is common- place. That it may have national conse- quences unforeseen by the drafter is not unusual. It is up to institutions like the Takeover Panel and the member states to put the case against it. Is this not the prac- tice with all new legislation?
The draft 'framework directive' may well involve subsidiarity concerns, but one might well ask oneself whether, without it, takeovers across EU borders will ever be made easier to accomplish.
Robin Garran
Collingbeams, Donhead St Mary, Shaftesbury,' Dorset
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