G20

Stuart Bell Excerpts

Monday 7th November 2011 Commons Chamber

[The Prime Minister]

I have seen reports of the piece of work that my hon. Friend speaks about, and perhaps I will have time this evening to read it at greater leisure. We can look at the economic experts and what they say, but there is quite a strong consensus that the consequences of a country falling out of a single currency zone, where banks and businesses are very interrelated, are very serious for all the members concerned. As I say, if it happens, we will have contingency plans in place and we will have to manage them as best we can, but no one—however sceptical they are about the euro—should think there is an easy way for a country to leave.

[Sir Stuart Bell (Middlesbrough) (Lab)]

Now that the Greeks will have a new Government who will ratify the 26-27 October agreements, and as the Group of Twenty is an informal grouping, would it not be appropriate, where there is agreement, for the group’s Finance Ministers to get together to help the European financial stability fund put together its firewall under the Sarkozy presidency?

[The Prime Minister]

The G20 Finance Ministers might have to meet again, but, as I said in answer to the right hon. Member for Edinburgh South West (Mr Darling), only if a new set of arrangements is being put in place. Part of the problem in Europe is that, so often, meetings are scheduled without proper thought about what the outcome will be—about what will be achieved. That has been one of the things that have caused a huge amount of market turbulence over recent months.