Oral Answers to Questions

Debate between Chris Ruane and David Lidington

Tuesday 4th December 2012 Commons Chamber

[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.