Not quite champagne time

As the anniversary of the Lehman collapse that triggered the worst financial crisis since 1929 rolls around, it is not quite time to start popping Dom Perignon corks. There is still some debate as to whether this will be a V, U or W recession. The talk of green shoots, as one witty commentator said, is more relevant to a wok and a stir fry than a serious economic recovery in progress.

It is certainly far too early to start leaping for joy that the European parliament is talking about revision of the draft Alternative Investment Fund Managers Directive. The view from Strasbourg that a 'one-size-fits-all' approach needs be abandoned is a start, but there is a considerable amount of correction, amendment and re-drafting needed before the draft is accurate.

Whether it will be a