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European Council

I think my hon. Friend asks absolutely the right question, because there is a history in Europe of such agreements not always being stuck to, and of there being a rather federalist ratchet. That was why I was very clear that we needed language, not just in the European Council conclusions, about article 122 not being used in future. I actually wanted it in the article that will be presented to this House for us to look at as a treaty amendment, so, in what is called the recitals—don't worry, I'm not going to start singing—or the introduction to the article, it says:"““As this mechanism””—" the new mechanism—"““is designed to safeguard the financial stability of the euro area as whole…Article 122…of the TFEU””—" the treaty on the functioning of the European Union—"““will no longer be needed for such purposes. Heads of State or Government therefore agreed that it should not be used for such purposes.””" That seems to me to be quite a good belt and braces—no need, no use; and it is not just in the Council conclusions, but in the introduction to the treaty article itself.