European Affairs

Part of the debate – in the House of Commons at 9:44 pm on 16 June 2009.

Alert me about debates like this

Photo of Chris Bryant Chris Bryant Parliamentary Under-Secretary (Foreign and Commonwealth Office) 9:44, 16 June 2009

I was going to make the further point that not only actions in this country are necessary if we are to effect a significant change in the economic possibilities for this country.

At the December European Council, all 27 member states signed the European economic recovery plan, committing to providing a fiscal stimulus worth €200 billion. In fact, that has been more than met, with a current fiscal effort worth more than €400 billion, which represents 3.3 per cent. of the EU's GDP. That rather puts paid to the argument that some Conservative Members were making.

The hon. Member for Kingston and Surbiton then argued, "All right, that's fine, but what are we going to do to move forward the single market?" He is absolutely right. I am sure that he will be aware that last week the Department for Business, Innovation and Skills published a major policy document setting out the agenda for the Commission and advocating single market advances in digital telecommunications—we heard some of what we want to do in this country from the Secretary of State for Culture, Media and Sport today—in life sciences, particularly biotechnology and pharmaceuticals, which are two industries in which the UK leads, and in services in general. We will certainly be lobbying the next Commission to take forward that agenda.

Several hon. Members raised issues in relation to the financial supervision proposals that have come forward. First, the right hon. Member for Richmond, Yorks agreed that the European systemic risk board was necessary. He will know that it was agreed at the ECOFIN meeting on 9 June that its president should not automatically be the chairman of the European Central Bank, but should be voted for by all 27 national central banks. We wholeheartedly agree with that, which is something that several hon. Members raised, including my hon. Friend the Member for West Bromwich, West.