EU: Member States’ Budgets

Lord Barnett Excerpts

Tuesday 29th November 2011 Lords Chamber

[Lord Sassoon]

I beg my noble friend’s pardon. I think that a number of false premises were used to back up that supplementary question.

[Lord Barnett]

My Lords, if the eurozone decides to strengthen its fiscal rules, which many press upon it as being vital if they are to work, but there is no question of a change in the treaty, what would the Government do, because we clearly would not be involved?

[Lord Sassoon]

My Lords, this is a fast-evolving set of proposals. Indeed, the euro area’s Finance Ministers are meeting later this afternoon. One of the issues on the table is that the Commission and the euro group are exploring the possibility of limited treaty changes, and Mr Van Rompuy is due to present the outcome of that work to the December European Council. When we see any proposals—if there are any—we will consider what we should do about them.