Lord Grocott
Main Page: Lord Grocott (Labour - Life peer)Department Debates - View all Lord Grocott's debates with the Department of Health and Social Care
(12 years, 6 months ago)
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Lord Sassoon
My Lords, the first thing to understand is that the UK is not part of the stability mechanism that the eurozone is putting in place, and we will not contribute to specific bailouts. On the other hand, the eurozone takes about 40 per cent of our exports and it continues to be the principal interest of the UK Government to make sure that the eurozone and the whole of the EU prosper and grow, to the benefit of our own economy.
Lord Grocott
Could the Minister spell out the difference between a variable geometry Europe and a two-speed Europe?
Lord Sassoon
My Lords, I think that I have already done so. The two-speed Europe that people seek to paint is one between the eurozone and the rest, but thanks to the work of the Prime Minister at the 23 October Council, the very important principle was accepted that those matters which relate to all EU members and the whole of the EU, such as the single market, will of course continue to be the province of the EU 27. That is the critical acceptance which has been made by the Council and the Commission at the prompting of the Prime Minister.