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European Council

My hon. Friend makes a good point. All the countries of Europe understand the need for action to reduce budget deficits and have signed up to the 2020 document, which, as I said, has good things in it, but the real action that we all need to take to make sure that the countries of Europe are not stuck in a slow-growth uncompetitive position as against Brazil, Russia, India, China and all the future fast growers, is to look at our real problems—our structural problems, our high costs, our high taxes—and to work out that we will have to take difficult decisions to make Europe more competitive, so that we can pay for the public services and the higher living standards that we all want.