Eurozone Crisis

Lord Higgins Excerpts

Tuesday 17th January 2012 Lords Chamber

[Lord Sassoon]

My Lords, first of all I welcome the compliment paid to my Answer by the noble Lord, Lord Barnett. He asked me a yes or no Question. I gave him a very full Answer and some extra things he did not ask about, so I am glad that he appreciates that. I am not going to speculate on our negotiating position because this is all very fast moving. All I can reiterate is that we are working very hard with our European partners to see a resolution of all aspects of the crisis. They have invited us to be at the table to discuss the arrangements that the eurozone countries are making among themselves and we are active and positive participants when we are invited to be there, as we are at those discussions.

[Lord Higgins]

My Lords, does the Minister agree that it is very much easier, technically, for a country to join the single currency than to leave it? Does he accept that the contingency plans which he mentioned—and which are welcome—need to be designed to ensure that, for anyone leaving, the process is completed as soon as possible? It is not just a question of having the notes and coins available but of having an extensive programme, including provision for exchange controls. I welcome my noble friend’s reply but stress that this is a very complex question.

[Lord Sassoon]

My noble friend makes some interesting and relevant points. I shall not speculate on what precise aspects the Government are looking at in their exercises but, as he points out, none of this, under a range of scenarios, would be at all simple.