---

European Council

My Lords, yes, we are in favour of stability in the eurozone, but we also feel that it is entirely right for nation states to stand up for their interests and to get together. That is in a way exactly what happened in this letter between Chancellor Merkel, President Sarkozy and others, who suggested—rightly, in my view—that it is time for the European budget to come under further control. That is not seeking to centralise power within Brussels; it is seeking to exert more pressure and more control from member states on the European Union. That is a very good direction of travel.