Adrian Bailey

I thank the right hon. Gentleman. It is generous of him to give way at this stage in his speech. May I bring to his attention the comments made by the Minister in the other place, Lord Myners, when interviewed by the European Scrutiny Committee? They are broadly in line with the demands that he makes. When asked about national supervisory powers, Lord Myners said that

"we are not content with the suggested powers for EU authorities to change national supervisory decisions through binding mediation. We think that this, again, cuts across the basic principle of vesting supervision in national authorities where it is linked to fiscal accountability and responsibility."

Is the right hon. Gentleman demanding something from the Government to which the Government are already committed?

— from debate entitled “European Affairs”

The three speeches/headings immediately before

  1. 1 earlier: William Hague

    I feel that I have spoken for a long time, but I shall give way one more time.

  2. 2 earlier: Adrian Bailey

    rose—

  3. 3 earlier: William Hague

    We certainly support greater co-ordination, but we do not want to see the end of national supervision and regulation. It is strategically and economically important for this country to be able to continue that. It is possible to get the balance right, but the evidence is mounting that it is going wrong in the negotiations that are now taking place.

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