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Reforming Financial Markets

My Lords, we are now in the sixth minute. I am emulating the speech of the noble Lord, Lord Lawson. Secondly, the question arises of the relationship between this country and the rest of the European Union. Does my noble friend also agree that, far from France and Germany stitching things up against our interests, as the noble Baroness, Lady Noakes, said, and far from their resenting the City of London, the truth is that this country has been very reluctant to accept what has now been accepted for the first time, which is that Britain needs to stand alongside France and Germany as regards European regulation? We now have a body chaired by the European Central Bank to do that. Does my noble friend further agree that the different planet that is being lived on by noble Lords in other parts of this House cannot last?