EU: Member States’ Budgets

Lord Davies of Stamford Excerpts

Tuesday 29th November 2011 Lords Chamber

[Lord Sassoon]

Yes, my Lords, I very much share my noble friend’s concerns.

[Lord Davies of Stamford]

My Lords, a few years ago was there not a proposal that the Commission be given a duty of auditing the national accounts of member states? That proposal was turned down at the time by the Council. Is it not the case that if it had not been turned down and had been accepted, we would have had an earlier insight into the problems of Greece, the Greeks would have been unable to falsify their accounts, and the grave problems we all now face might have been significantly reduced?

[Lord Sassoon]

My Lords, I very much doubt it. We are looking at the proposals for strengthening governance as they have been put on the table, and that is clearly what needs to be done. We should not rely on the auditors to sort out all our problems.