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European Council

My Lords, has the Leader of the House had an opportunity to study last week’s financial stability report from the Bank of England, which demonstrated the interconnectedness of the obligations of British banks and those of banks on the continent and suggested to the reader that, should there be any kind of sovereign debt default in a member state in the eurozone, Britain and British banks would be heavily involved in any debt restructuring that was necessary? In this case, is it not time that, instead of trying to pretend to their anti-European and Eurosceptic Back-Benchers that Britain can stand aside from the problems of the eurozone, the Government recognised that we are in these problems up to our neck, that if we want a credible growth strategy for Britain we must also have a credible growth strategy for the eurozone, and that we should be ready as the United Kingdom in our national interest to play a full part in that?