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European Affairs

In the context of what the right hon. Gentleman has just said, will he concede what Lord Mandelson said about the extent of over-regulation that comes from European directives and the like, which is that 4% of the European Union's GDP is absorbed in unnecessary and burdensome regulation? That is the real reason why the eurozone is imploding. It simply does not have the capacity to produce enterprise and jobs. Indeed, enlargement, to include Bulgaria and Romania, is extremely suspect, because those countries have acted as a drag on the opportunity for the rest of Europe to prosper.