Eurozone Crisis Debate

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Department: HM Treasury

Eurozone Crisis

Lord Johnson of Marylebone Excerpts
Thursday 3rd November 2011

(12 years, 7 months ago)

Commons Chamber
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Mark Hoban Portrait Mr Hoban
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I thought that the outcomes of that G20 summit were very impressive. I particularly welcomed the achievement of the previous Prime Minister in agreeing a commitment to treble the resources available to the IMF, but the right hon. Gentleman, along with his colleagues, voted against that commitment.

Lord Johnson of Marylebone Portrait Joseph Johnson (Orpington) (Con)
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According to the BBC’s economics editor, Stephanie Flanders, the European Commission said this morning that any country that left the euro would also have to leave the European Union. Is that the Government’s understanding of the EU treaties?

Mark Hoban Portrait Mr Hoban
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I am not a constitutional lawyer, for my blessings, but it is plainly necessary to establish the legal basis for any such action. I am not aware of what the Commission has said, and I think it very dangerous for us to engage in speculation on the subject.