Informal European Council

Part of Oral Answers to Questions — Justice – in the House of Commons at 3:41 pm on 31 January 2012.

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Photo of David Cameron David Cameron The Prime Minister, Leader of the Conservative Party 3:41, 31 January 2012

I obviously remember very well the exchange rate mechanism experience. Indeed, it is that experience that makes me so passionate about not joining the single currency or the euro—because it is so difficult to exit from it if it does suit our needs or our arrangements. I believe that Britain is a big enough economy to have its own interest rates and its own monetary policy to suit our needs. My hon. Friend asks for guarantees. What we have done is already to have got out of the bail-out mechanism to which the last Government signed us up and, as I clarified a few moments ago, we have set out very clearly our conditions to the IMF.