European Council: December Meeting

Lord Foulkes of Cumnock Excerpts

Monday 3rd December 2012 Lords Chamber

[Baroness Warsi]

I will certainly feed that fact back in. I agree with the noble Lord about less centralisation. Of course we believe in power being nearest to those who are affected by those decisions. However, I think the noble Lord would agree with me that in relation to the European Union, we want a trade area but it is also important to be part of the group that makes the rules in relation to that trade area.

[Lord Foulkes of Cumnock]

My Lords, will the Minister take the opportunity to ask the Prime Minister to raise at the European Council the way in which three private companies—the credit rating agencies based in the United States—have such an undue and malign influence over the economy not just of the United Kingdom but the whole of Europe? I hope she will take some advice from her Treasury colleague on this. It is about time that we took collective action so that we in Europe are not dominated by these American private companies.

[Baroness Warsi]

The EU is engaged in ongoing discussions on work in relation to better regulation of those very institutions.