G20 Summit

Julian Lewis Excerpts

Monday 25th June 2012 Commons Chamber

[The Prime Minister]

Obviously it is difficult to be in two places at once, so I did the G20 and the Deputy Prime Minister was at the Rio+20 summit. We discussed it a great deal in advance, and I think it did make some useful progress in terms of sustainable goals. I am also going to be working, through this high-level panel to which Secretary-General Ban Ki-moon has appointed me, to make sure that we put in place the right replacements for the millennium development goals and that they take into account sustainable concerns as well.

[Dr Julian Lewis (New Forest East) (Con)]

Does my right hon. Friend agree that events in the eurozone have predictably proven that the creation of the single European currency was a disastrous mistake?

[The Prime Minister]

It would have been a mistake for us to join the single currency, because we did not want to give up the necessary sovereignty to make a single currency work. We have to respect the fact that there are countries in the eurozone that want to make it work, and we have to allow them that opportunity. It would clearly be in our interests if we had a working single currency on our doorstep, rather than a dysfunctional one, which, I am afraid, is slightly what we have at the moment. So we have to make our own choices, and other EU countries must make their own choices, but the key point—this is where I agree with my hon. Friend —is that a single currency will not work unless it has at least the underpinnings that other single currencies, such as our own, have: a central bank right behind it; a means of supporting the weaker parts of the union at various times; and some sort of joint debt issuance. Those are the sort of things that all single currencies, the world over, have. To that extent, I agree with him.