The violent reaction of British banks. The European Commission's proposal at the Council and the European Parliament for a new directive on "investment services" (see our bulletin of 20 November, p.11) could cause a row much of the same mould as that caused by the first proposal of a common regime for public takeover bids. It affects powerful, specific financial interests, and when such interests are in question the effect is doubled: a) financial circles go wild and can count on part of the...