EU: Economy

Lord Dykes Excerpts

Wednesday 2nd November 2011 Lords Chamber

Asked By

[Lord Dykes]

To ask Her Majesty’s Government what conclusions they have reached from the discussions of European Union Finance Ministers in Luxembourg on 4 October concerning the case for member states to work together to solve their current economic problems.

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

My Lords, the Government support the euro area’s commitment to ensure financial stability of the euro area. A comprehensive and sustainable solution is urgently needed and is in the UK’s interest. This can be achieved only by the euro area working closely together. The Government also recognise the urgent need to boost growth across the EU and are pushing completion of the single market, promotion of trade, reduction in regulation and greater innovation.

[Lord Dykes]

My Lords, I thank the Minister and the whole Government for having shown steady and firm solidarity with our eurozone partner countries and for their strenuous efforts to solve current financial and economic problems. Does he agree that such a firm stance must be maintained to stop deep market panic despite the monumental shock of the Greek referendum decision?

[Lord Sassoon]

I am grateful to my noble friend for recognising the constructive role which the UK Government have played in pushing forward the many strands of important discussion in the EU at the moment. I indeed agree that the agreement signed last week has to be delivered by all member states, including Greece. We will be working hard to play our part to that end.