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EU Council

My Lords, I welcome my noble friend’s words on the principle of the position we took yesterday at the informal Council. As to what he said about the desirability of the eurozone solving its problems, I completely agree and that is very much one of the reasons why what happened yesterday happened. However, some of my noble friend’s analysis is not really a matter for me or the British Government, although we wish the euro well. These matters will no doubt be taken up within the eurozone. There are real challenges for countries such as Greece and, within the eurozone, the balance of trade between different countries. They have chosen a route along which they wish to try to solve this matter, and we should wish them well in their attempt to do so.