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European Financial Services Proposals

The hon. Gentleman says that we will, but I want to safeguard against that. I do not wish to have a disagreement with him—certainly not on this subject—but if we agree a system, it must be robust, and we must test its ability to do its job properly to at least the same extent as if we put a system in place in this country. We do not want to introduce a system with undue haste because of a desire to be seen to be co-operating at a European level and acting with a degree of compromise to ensure that other countries' considerations are taken on board, and then to find that those factors lead to structural deficiency in the mechanisms that are put in place. If such a thing happens, we will come to regret it when the systems are tested to destruction as they step into action to try to respond to a future shock. I observe the paranoia in the Conservative party whenever we discuss anything to do with the European Union. There is a belief among Conservative Members that every negotiation in the EU should involve setting out Britain's fears about co-operating with any other like-minded country before going into the negotiations with a determination to protect our position, rather than trying to engage in a sensible exchange with other EU countries. We have a lot of interesting knowledge and many observations to impart, but we might also have interesting things to learn from other countries, because our country has not covered itself in glory. If the Minister starts tomorrow's negotiations by saying that we have lots of red lines because the way in which Britain has regulated its financial services sector has been so brilliant that everyone else had better learn from us, she might find that that is not the best way to reach the conclusion that is most beneficial for Britain.