EU: Fiscal Compact Treaty

Lord McFall of Alcluith Excerpts

Tuesday 7th February 2012 Lords Chamber

[Lord Sassoon]

My Lords, now that there is a realistic assessment of what capital is required, there is a clear agreement on the timetables and methods for doing that and it is well within the capacity of the eurozone to do it. I do not think we should speculate on what happens if they fail to do it. The eurozone, its Governments and the European Central Bank have all the firepower necessary.

[Lord McFall of Alcluith]

My Lords, Europe and the UK will be going nowhere unless competitiveness is restored to individual countries. Does the noble Lord agree that at the heart of any fiscal compact should be a policy of growth and investment? Even from our position in the wings of Europe, will the Government agree to ensure that such a policy is implemented, not least to help the many millions of young people who are now unemployed all over Europe?

[Lord Sassoon]

I very much agree with the sentiments of the noble Lord. The one part of them that I disagree with is that we are not sitting on the sidelines but are very much at the heart of the discussions about pro-growth policies and the completion of the single market.