1-11 of 11 results for subject:"Economic and monetary union"
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To ask Her Majesty’s Government what assessment they have made of the effect on the European economy and financial institutions of the crisis in the euro area.
To ask Her Majesty’s Government what assessment they have made of the effect on the European economy and financial institutions of the crisis in the euro area.
My Lords, the Government make regular assessments of the economic situation as part of the normal process of policy development. The OBR, the OECD, the European Commission, the IMF, and many others expect a euro area recession this year. As we have said, if the euro area does not definitively sort out its ongoing problems, the uncertainty that that will create and its impact on confidence across Europe will continue to have a chilling effect on Britain and the global economy.
My Lords, does not Germany bear some responsibility for problems in the eurozone in that it was Germany that turned a blind eye when Goldman Sachs fixed Greece’s books to secure its entry into the euro; it was Germany that turned a blind eye to breaches of GDP limits in the European stability and growth pact; and it was Germany that promoted the euro currency to prevent regional devaluations in neighbouring nation states, thereby protecting its own export markets within Europe? Surely Germany should show a little more flexibility in these matters.
My Lords, does not Germany bear some responsibility for problems in the eurozone in that it was Germany that turned a blind eye when Goldman Sachs fixed Greece’s books to secure its entry into the euro; it was Germany that turned a blind eye to breaches of GDP limits in the European stability and growth pact; and it was Germany that promoted the euro currency to prevent regional devaluations in neighbouring nation states, thereby protecting its own export markets within Europe? Surely Germany should show a little more flexibility in these matters.
My Lords, the key issue about Germany in relation to this Question is that we should be grateful that the German economy continues to grow. About 9% of the UK’s exports go to Germany. It is a very important market for us and it is critical both for us and for the eurozone that Germany and its economy continue to perform relatively strongly.
My Lords, are Ministers saying that, if the European Union were collapsing all around us, we would stand aside and do nothing at all?
My Lords, are Ministers saying that, if the European Union were collapsing all around us, we would stand aside and do nothing at all?
No, my Lords, that is not what I have said or am saying.
That this House notes the very considerable difficulties being encountered by honourable Members in obtaining statistical information central in considering issues of convergence towards a single currency; notes that it has not been possible so far to obtain comparable statistical information on departmental expenditure as a percentage of GDP across the member countries of the European Union for 1994 and later years and for many countries for a number of years prior to 1994; notes that this information is not available to the statistical section of the Library, nor to the office of the European Commission in London, nor to Eurostat; notes with surprise and deep concern that even individual departments, including the Department of Social Security in response to written Parliamentary questions, do not have this most basic of information available to them or if they have it they are not prepared to make it available publicly; questions how it can be possible for British ministers and officials to begin to formulate policy on issues of convergence without the most basic information on levels and patterns of expenditure in government departments in other member states; questions how in these conditions it is possible to conduct anything like an informed debate on convergence towards a single currency without accurate and up-to-date statistical information; and believes that this culture of insularity is deeply unhealthy and contributes to a level of public debate on European issues in Britain which is conducted largely on the basis of ignorance and zenophobia.
That this House notes the very considerable difficulties being encountered by honourable Members in obtaining statistical information central in considering issues of convergence towards a single currency; notes that it has not been possible so far to obtain comparable statistical information on departmental expenditure as a percentage of GDP across...