Backbench Business — [Un-allotted Day] — European Council

Part of Bill Presented — Financial Services – in the House of Commons at 12:38 pm on 26 January 2012.

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Photo of Damian Collins Damian Collins Conservative, Folkestone and Hythe 12:38, 26 January 2012

The hon. Gentleman makes a good point and I am sure that citizens in Greece, Portugal, Italy and Spain will be asking in whose interest the survival of the euro is as it stands. They will be able to see that it is in the interests of the Germans and some of the stronger economies, as they have an artificially low currency that makes it easier for them to export across Europe. I am sure that is one reason why the German economy has continued to do well. Those citizens will also ask, however, what is in it for them and whether they—and Europe—would be better off in the long run if countries with weaker economies and bigger problems with debt were able to reach a much more sustainable level for their currency.