Oral Answers to Questions

Chris Ruane Excerpts

Tuesday 4th December 2012 Commons Chamber

[Mr Hague]

We hope of course that that will happen in due course. Diplomacy is what is needed most of all in this situation, so I do not think that we would contemplate breaking off diplomatic relations with any of those involved, but we are going to have to ramp up our diplomatic efforts in various ways. I am not going to rule out any diplomatic options over the coming weeks.

[Chris Ruane (Vale of Clwyd) (Lab)]

11. What discussions he has had with his EU counterparts on the UK’s position at the December 2012 European Council meeting on the development of a banking union.

[Mr William Bain (Glasgow North East) (Lab)]

13. What discussions he has had with his EU counterparts on the UK’s position at the December 2012 European Council meeting on the development of a banking union.

[The Minister for Europe (Mr David Lidington)]

I have made it clear to my colleagues in the European Union that while we accept that the eurozone needs a banking union, the detailed arrangements need to safeguard the interests of those member states that will not be part of the eurozone or of the banking union.

[Chris Ruane]

This Government are relatively friendless in Europe in this regard. How will they ensure that any agreement on a banking union will continue to allow the UK to stay in the room during negotiations on shaping the supervisory rules?

[Mr Lidington]

I reject the hon. Gentleman’s caricature of our position. We are playing an extremely active and constructive part in the negotiations. We recognise that getting the arrangements for a banking union sorted out is of real importance to our friends and partners who have committed themselves to the single currency, and that their financial stability will be of great benefit to the United Kingdom’s economic interests.