European Council

James Clappison Excerpts

Monday 22nd October 2012 Commons Chamber

[The Prime Minister]

There is a case for saying that the institutions that Europe put in place after the second world war—and I would include NATO as well as the European Union—have played a role in making sure that we settle our problems around conference tables rather than on the fields of Flanders. To that extent, yes, I think that it is right. [Interruption.] Someone says, “Why not go?” We already have three of the five European Presidents going to Oslo to collect this prize, and I suggested that alongside them should be 27 schoolchildren —one from each country.

[Mr James Clappison (Hertsmere) (Con)]

I welcome my right hon. Friend’s statement. When there is a danger of eurozone members taking a common position or, indeed, being required to do so, as is the case with the European Central Bank regulation, is it not absolutely essential that he stands up for Britain’s interests and insists on the safeguards that we need to protect our position in the face of a Europe that is increasingly divided between eurozone and non-eurozone countries?

[The Prime Minister]

My hon. Friend has absolutely hit the nail on the head. We want the eurozone banking to go ahead, but there are dangers, because if the ECB members voted en bloc in the European Banking Authority, they would automatically have qualified majority voting—that is the problem. That is why the conclusions of the summit include these words:

“An acceptable and balanced solution is needed regarding changes to voting modalities and decisions under the European Banking Authority…Regulation.”

That is very important conclusions language that we fought quite a battle to secure. My point is that I do not want to veto the banking union, but unless this problem is properly sorted—and Britain has a totally legitimate argument about why it needs to be sorted—we cannot allow it to go ahead.