Currency Markets

Lord Dykes Excerpts

Wednesday 2nd February 2011 Lords Chamber

Asked By

[Lord Dykes]

To ask Her Majesty’s Government when they will next hold talks with eurozone representatives to discuss the present state of currency markets.

[The Commercial Secretary to the Treasury (Lord Sassoon)]

My Lords, Ministers regularly meet their opposite numbers from other member states to discuss pertinent economic and financial issues, including currency issues, at ECOFIN. The next council meeting is currently scheduled for 15 February.

[Lord Dykes]

I thank the Minister for that Answer and for the fact that, on at least four or five recent occasions, HMG have said with great emphasis that the United Kingdom benefits directly from a strong, stable and secure eurozone. Does he feel that if the City, which is probably the largest euro-trading market in the world now, is undermined by greedy gamblers still spreading false stories about the strength of the euro, that would be a tragedy for the City of London?