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Spring European Council

On Second Reading of the Bank of England Bill in November 1997, the Prime Minister may remember that I strongly opposed the triangular regulation of our banks, which has proved such a disaster. In today's circumstances, facing as we are the danger of mass unemployment for years to come in this country and throughout Europe, may I repeat what I indicated before the pre-Budget report—that I am a strong believer in fiscal stimuli, well chosen in every advanced country in the world, together with quantitative easing to maintain consumer demand, if we are to avoid the terrible mistakes made in Germany 80 years ago by Chancellor Bruning, from whom the present German Chancellor has mercifully learned the right lessons?