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This blog has discovered incontrovertible evidence that the EU commission has known for at least a year that there have been disastrous "shortcomings" in its system of financial regulations. These include the measures for the application of the "mark to market" rules which lie at the heart of the current banking crisis.

The commission has also known that changes to the system were urgently needed to prevent a repeat of the "market turmoil" of the summer of 2007. Yet, despite a massive effort to produce new rules, it has only just been able to deliver drafts of the vitally needed changes.

In a carefully orchestrated deception plan devised to avoid having to take responsibility for the flawed rules that have done so much damage, it has slipped changes, unnoticed, into the regulatory system. The commission hopes to have new laws approved by April 2009, too late to affect the current crisis and perhaps too late to save much of the financial industry.

We are putting the final pieces of this complex story together and hope to publish in full by mid-late morning.

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