Do as we don't

The FT reports on the financial conference of European leaders this weekend:

European leaders on Sunday outlined sweeping proposals to regulate financial markets and hedge funds and clamp down on tax havens as they sought a common position to combat the global economic crisis.

Statements were issued, memos exchanged an no doubt powerpoints were viewed. One interesting bit:

The participants also agreed that banks should create additional buffers of capital in prosperous times so they are better prepared when the economic environment deteriorates.

This sounds oddly familiar. Hmmmm, yes it sounds remarkably like the rules underpinning the Euro which bind the very same European governments themselves to fiscal stability by creating additional buffers of capital in prosperous times so they are better prepared when the economic environment deteriorates.