Lord Tyrie
Main Page: Lord Tyrie (Non-affiliated - Life peer)Department Debates - View all Lord Tyrie's debates with the HM Treasury
(13 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Speaker
I am grateful to the Chancellor. We do not want the slowest growth, but neither do we want the slowest questions and answers.
Mr Andrew Tyrie (Chichester) (Con)
The Chancellor has made it clear that he thinks that a monetary union requires a fiscal union. Can a credible fiscal union be put in place without a treaty change?
Mr Osborne
I think that we can take important steps towards greater co-ordination of fiscal policy by implementing, as I say, the agreements that the eurozone came up with before the summer. That is the task at hand now. Speculating now about major treaty change is unrealistic. It is not going to happen in the next few years. It would take several years to bring about such a major treaty change and get it ratified by all the national Parliaments, even if those Parliaments agreed to it. The challenge this autumn is to bring greater stability to the euro’s governance arrangement, which is what our colleagues in the EU want to do.