The aroma of waffles hangs over much of the centre of Brussels. In the morning it coaxes commuters into eating breakfast before they hit the office. By late afternoon the smell becomes overpowering, especially when appetites have been satiated by substantial business lunches.

A similar feeling of biliousness seems to have come over European policy makers as they waffle through the long menu of financial services directives that the European Commission has cooked up. No sooner is one course finished than another appears before the bloated ranks of MEPs, ambassadors and advisers who attend meetings at the Council of Ministers.