EU: Financial and Monetary Co-ordination

Lord Pearson of Rannoch Excerpts

Monday 6th June 2011 Lords Chamber

[Lord Sassoon]

My Lords, the Government have secured a very clear agreement with the European Council. Whatever the analysis of Article 122 has been in the past, the Council of Ministers has been completely clear that Article 122 will not be used in the future. That is the critical thing. It is probably not right to go on raking over decisions about who was not in the eurozone in the first place. We have to make it work now, and one way of doing that is to get a proper interpretation of all the relevant articles in the treaty.

[Lord Pearson of Rannoch]

My Lords, does the noble Lord agree that the previous Government made a very expensive mistake two years ago when they failed to veto the overall supervision of our financial services passing through Brussels? Is it not grotesque that an outfit that has not been able to get its own accounts signed off for 16 years should now be in a position to dictate to the City of London, and thus cause lasting damage to its profitability and tax revenues?