G20

Steve McCabe Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

I would not underestimate the huge pressure that the eurozone leaders are under to come up with a solution to the crisis in the eurozone. Clearly some of them have huge ideological difficulties with seeing a greater role for eurozone institutions. I do not think it is completely out of the question that other countries—China, or Saudi Arabia—might at some stage want to contribute to a eurozone fund, not least because the risk would be taken with the eurozone money and not with the Chinese or other money. In the end, however, there is no substitute for the eurozone acting first to sort out its difficulties.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

Which were the countries persuaded by the Prime Minister that they had space to borrow for what he calls “further discretionary measures”?

[The Prime Minister]

A list in the action plan for growth and jobs specifically states that countries such as Canada, China and others could borrow more. They are set out in the communiqué, a copy of which is in the House of Commons Library.