House of Lords
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
The eurozone crisis poses a serious threat to the health of the UK economy. That is why the Government must work closely with its European counterparts to find a lasting solution to the current economic turmoil.
Increasing the resilience of European banks is an essential stepping stone in this direction. The Chancellor of the Exchequer has been active in calling for a co-ordinated European solution to restore market confidence and he is continuing to work with European partners at ECOFIN and in other international fora to produce a co-ordinated, lasting solution. This will include discussing the recapitalisation of EU banks.