Don't these people understand?

Lordy, it's bad enough that we're ruled by foreigners, but do we have to be ruled by ignorant ones as well?

The European commission has given leading players in the £380tn derivatives market until the end of the year to come up with "concrete proposals" to reduce the risks these complex products pose to the financial system.

Charlie McCreevy, the EU internal market commissioner, is pressing the industry to agree to central clearing for credit default swaps (CDSs), the instruments viewed as being at the core of the financial turmoil.

There is already central clearing for CDSs.

Here.

So what is Charlie wittering on about?