Glyn Davies
Main Page: Glyn Davies (Conservative - Montgomeryshire)Department Debates - View all Glyn Davies's debates with the HM Treasury
(13 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr David Nuttall (Bury North) (Con)
5. What recent assessment he has made of the financial crisis in the eurozone.
Glyn Davies (Montgomeryshire) (Con)
12. What recent assessment he has made of the financial crisis in the eurozone.
The Chancellor of the Exchequer (Mr George Osborne)
The financial crisis in the eurozone is extremely serious. Fortunately, Britain is not in the euro; unfortunately, however, we are not immune to the instability on our doorstep. The euro area must implement its policy commitments to address the crisis, made most recently at the July summit. As I have said, the euro area should follow the remorseless logic of monetary union with greater fiscal integration. We must ensure that we are not part of that integration and that our national interests are protected and promoted at all points.
Mr Osborne
As my hon. Friend knows, the treaty does not provide for a member state to leave at the moment, and there is no immediate prospect of major treaty renegotiation—something that the German Government have made very clear again this week. In other words, we need to focus on the task at hand, which is implementing all the agreements, communiqués and commitments made in recent months by the eurozone. That is absolutely crucial to the stability not just of the eurozone but of the wider global economy.
Glyn Davies (Montgomeryshire) (Con)
Is the Chancellor aware that under the previous Labour Government, of whom the current shadow Chancellor was a prominent member, a euro preparations unit with a staff of 17 worked for 13 years on 11,500 documents to prepare Britain for joining the euro?