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World Leaders Summit

My Lords, my noble friend said that the G8 is not dead, but is it not significant that, at a time of such crisis, it is not the G8 but the G20 which is convened? Given the fact that any Prime Ministers and leaders of Governments have only a limited time, should we not now gently put the G8 to rest? To most of us, it is clear that the Prime Minister and the Chancellor took a lead in that, as on the recapitalisation. A brief, cursory glance of the international press shows the esteem in which the leadership of the Prime Minister is held. By contrast, the utterances of the Shadow Chancellor have the gravitas of a rather young and immature student leader. In the crisis, Denmark has had to rethink its attitude towards entering the euro. Is it my noble friend’s judgment and that of the Government that the current crisis leads to some rethinking, some retilting of the balance of argument in respect of the United Kingdom and the euro?