Eurozone Crisis

Lord Brooke of Alverthorpe Excerpts

Thursday 27th October 2011 Lords Chamber

[Lord Brooke of Alverthorpe]

My Lords—

[Lord Lea of Crondall]

My Lords—

[Lord De Mauley]

My Lords, there is plenty of time. Perhaps we may hear from the noble Lord, Lord Brooke.

[Lord Brooke of Alverthorpe]

I am grateful and I will be brief. I should like further clarification on the position of the IMF, which has been significantly involved with these negotiations. As I understand it, the IMF is already subscribing to three country adjustment programmes and will continue to do so. It has indicated that it may be required to look for more money from members of the IMF to put more cash into those programmes. I think that I am correct in my understanding of the Minister on that. If that is the case, we are therefore putting more money into the eurozone venture.

[Lord Sassoon]

My Lords, I will not repeat at length what I have said. It was the proposal of the previous Government, and endorsed by this Government, that we should support an increase of resources of the IMF to match its global commitments, which continues to be the situation. We will continue to be supportive of the IMF having resources in total commensurate with its global mission and mandate. That is quite separate from its contribution to EU programmes, which are looked at country by country in the same way as the IMF looks at the other 50 programmes that it has on the go at the moment, and other proposals that may come forward.