Barry Gardiner
Main Page: Barry Gardiner (Labour - Brent North)Department Debates - View all Barry Gardiner's debates with the HM Treasury
(11 years, 2 months ago)
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Greg Clark
The ECB made a clear statement today that the situation in Cyprus is unique, and I think that a study of the situation there would confirm that.
Barry Gardiner (Brent North) (Lab)
The ECB action was supposed to create stability, but it has created instability. The Minister has made it clear that the Chancellor was not consulted on that beforehand, but has the Chancellor made it clear to the ECB that, although this particular deal may be renegotiated, the instability will linger in precisely the way the hon. Member for North East Somerset (Jacob Rees-Mogg) suggests?
Greg Clark
The whole House has an interest in ensuring that right across Europe, in countries that are members of the eurozone or those that are not, there is confidence in the banking system. This period of several days of uncertainty is undesirable. We need to get arrangements in place, as the hon. Member for Nottingham East (Chris Leslie) said, to have clear resolution plans in advance. It needs to be sorted out quickly, because the situation is undesirable. I think that it is in everyone’s interests that it is resolved very soon.