Euro

Lord Pearson of Rannoch Excerpts

Thursday 27th October 2011 Lords Chamber

[Lord Hannay of Chiswick]

My Lords—

[Lord Pearson of Rannoch]

My Lords—

[Lord Dykes]

My Lords—

--- Later in debate ---

[Lord Pearson of Rannoch]

My Lords, is it not obvious that last night’s measures are merely yet more sticking plaster on a wound that will therefore continue to poison the world economy? Is not the only answer to abandon the whole ill-fated project of European integration, get rid of the euro and go back to the democracies of Europe freely trading together and with the rest of the world in their own currencies?

[Lord Sassoon]

No, my Lords, that is not the situation. Forty per cent of our trade goes to the eurozone, 50 per cent goes to the EU, and we have to work to preserve the structure.