Remember what happened to US financials after the September 18, 2008 SEC ban on shorting? All liquidity in the cedit markets dried up.
Then came October....
(Searched, and didn't see this posted already)
The only thing saving our federal monetary system from its screw ups is the euro screw ups.
I wish them luck enforcing such a law. It’s Spy vs. Spy in the financial world. For every law, there’s a counter move that usually results in even more profit.
I see that these countries are determined to save their own skins rather than go down (or be dragged down) by each other as part of the European Union.