Eurozone Financial Assistance
Mark Hoban (Financial Secretary, HM Treasury; Fareham, Conservative)
If my hon. Friend allows me to continue for a few minutes longer, I may be able to take some interventions.
We ensured that the recitals—the preamble—to the decision by Heads of State and of Government at the March European Council stated that article 122
“will no longer be needed”
and “should not be used” to ensure financial stability for the whole euro area once the permanent mechanism is in place.
In shaping the debate about the ESM, we had clear priorities. First, we had to ensure that there was no transfer of powers from the UK to the EU. We would never have accepted such a transfer, so the treaty change applies only to euro area member states, and only euro
area member countries have to contribute to the rescue of other euro area countries. There is no transfer of power, competence or, indeed, funds from the UK to Brussels under that treaty change, but that judgment will not be for Ministers alone.