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European Council

I did not quite say what my hon. Friend said. Spain is forecast to have a decline in its GDP this year. It has tough targets for its fiscal deficits, which it is trying to reduce, and at the same time its Government, like all others in Europe, want to get back to a position of growth. The point I would make is that I have always believed that it is better as a country to have both fiscal and monetary levers at our disposal, so that we have the most flexible way to respond to economic circumstances. In Britain, we are able to have tough measures to reduce our fiscal deficits, but at the same time, because we have an independent monetary policy, set by the Bank of England, we are not constrained by being members of a currency bloc. That is why I oppose Britain joining the euro—ever.