So the high probability that credit-rating agencies will downgrade UK banks' debt, as and when the government accepts the recommendations of the Banking Commission, should in theory have no impact on the price banks pay to borrow.

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Yes, in theory, the commission could then re-submit the original proposals unamended, but in practice they would be unlikely to do so, not least because, if a third of national parliaments are against a proposal, so will be their governments, and the commission would be close to losing the qualified majority needed to pass laws.

ECONOMIST: By invitation

Last year, FCC Chairman Julius Genachowski started to fulfill this promise by proposing rules using a legal theory from an earlier commission decision (from which I had dissented in 2008) that was under court review.

WSJ: Robert M. McDowell: The FCC's Threat to Internet Freedom

But this theory was rejected by the Willis Commission in its comprehensive report a few weeks ago.

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So the commission believes, and so the Obama people, in theory, say too.

ECONOMIST: The United States and Islam

In theory, the question of who becomes president of the commission and what happens to the constitution are entirely separate.

ECONOMIST: The European Union summit

This is merely the beginning of a full-scale investigation by the commission that could last months, if not years, and could, in theory, lead to a fine of up to 10% of the company's sales.

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In theory, Finnish ministers should share with the European Central Bank and with the European Commission the job of speaking for the euro in international forums.

ECONOMIST: Sauli Niinisto, on Europe��s edge