Eurozone Crisis Debate

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Department: HM Treasury

Eurozone Crisis

Julian Brazier Excerpts
Thursday 3rd November 2011

(12 years, 7 months ago)

Commons Chamber
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Mark Hoban Portrait Mr Hoban
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The money that nations contribute to the IMF goes into its general resources. I believe that there are currently 53 IMF programmes, only three of which are in the eurozone. We have made clear that if the IMF needs to increase its resources to tackle some of the global issues that face economies at present, we will listen to its requests.

Julian Brazier Portrait Mr Julian Brazier (Canterbury) (Con)
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While I strongly support my hon. Friend’s tough domestic stance on fiscal matters, may I suggest that, in view of the borrowing problems in Italy, the 20% fall in the monetary base in Portugal and similar problems in Spain, there is a strong case for moving the Cannes conference to the gardens of Versailles?

Mark Hoban Portrait Mr Hoban
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My hon. Friend’s question highlights some of the challenges that are being faced in the eurozone. Wherever the summit is being held—in Cannes or in Versailles—what is important is action arising from it that will put eurozone economies back on the right path.