Eurozone

Lord Teverson Excerpts

Monday 9th July 2012 Lords Chamber

[Lord Sassoon]

I realise that I walked straight into this one. Now is not the time for an in/out referendum on Europe. Once Europe has settled all the matters that we have talked about, we can look at our relationship with Europe in the round. As for referenda on other matters, the legislation is starting in another place today and, no doubt, it will get here in due course.

[Lord Teverson]

Given that the eurozone is very likely to survive in a position very similar to its position at the minute and that it will probably move forward to a banking union and closer economic and fiscal union, what strategic preparations are the Government making in the longer term to make sure that Britain is not marginalised once we get through the existing crisis, however long it takes?

[Lord Sassoon]

My Lords, I think the most important thing is that we continue to be, as we are, constructively at the heart of all the discussions on these matters. As I have already said, there have been some significant achievements, as evidenced in the conclusions of the June Council, and that is the basis on which we have to continue our discussions. I would not think about it in the contingency planning terms that my noble friend portrays. We are there at the heart of the discussions and are continuing to focus our partners on growth and the completion of the single market.