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Spring European Council

It is in the interests of the whole world that these imbalances—they are imbalances not only within Europe, but around the world—are corrected. Originally, in the 1940s, when Keynes was involved in setting up the International Monetary Fund and the World Bank, he wanted a situation to develop where people were under an obligation to correct imbalances that arose in one continent or in one country. These are matters that I think he would agree have got to be looked at, not only at a European level, but internationally. We are trying, as the hon. Gentleman knows, to persuade China to take more exports from the United Kingdom, and that would be one way in which the imbalances could be reduced.