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European Union Economic Governance

Does my hon. Friend understand that many people have lost confidence in assurances given whenever a new European treaty is discussed that there will be no loss of sovereignty? Ever since we went into the Common Market, the British public have been told at every stage along the way, ““Actually, we're not giving up any sovereignty. This new treaty doesn't give anything away,”” but people have found time and again that these treaties have done just that. Does my hon. Friend understand people's concerns that although the powers in question do not apply to the UK at the moment, they may well do so in future, as the European Union is clearly looking at extending sanctions to non-eurozone countries as well?