How far will they go in opposition?

On February 8 Hansard published a Written Question from Lord Stoddart of Swindon:

To ask Her Majesty's Government what will be their response to any proposal from the European Parliament to remove the power of member states to veto decisions of the new European Union financial regulators where they would impact on member states' fiscal autonomy.

To which HMG replied:

The Government have been very clear that no decisions by the new European supervisory authorities should impinge on the fiscal responsibilities of the UK. The Government will oppose any proposal of the European Parliament that seeks to undermine this principle.

That is very reassuring; well, sort of reassuring; actually, let's be honest, not reassuring as well. HMG's track record in "opposing" measures that were then introduced and imposed on Britain does not inspire with confidence.

What happens when the plan is voted through anyway (and Britain can hardly stop it either in the Toy European Parliament or the Council of Ministers unless numerous other countries are on the same side) and becomes EU legislation not to be gainsaid by our own elected representatives?