Eurozone

Denis MacShane Excerpts

Monday 10th October 2011 Commons Chamber

[Mr Deputy Speaker (Mr Nigel Evans)]

Order. I am going to ask for very short questions as we will move on at 5.45 pm, irrespective of whether Members are still standing.

[Mr Denis MacShane (Rotherham) (Lab)]

For five centuries, British policy has been to oppose any hegemon on Europe, whether a single religion, a single state, a single economic model or a single ideology. Why is the Chancellor so keen on creating a fiscal and monetary union that would dictate terms of commerce, trade and banking rules to this country?

[Mr Osborne]

That was quite a sweep of history. Of course, Britain has always sought to maintain the balance of power in Europe and one could argue that the enlargement policy was quite a successful extension of that policy, but the decision has already been taken with the monetary union and we have to make it work because we would be directly impacted by its failure.