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On the financial and banking items, did the Council consider the future of the EU's capital requirements directive? As my right hon. Friend knows, that is largely based on the Basel II agreement, and yet that allows banks to choose their own forms of regulation, and, in fact, downgraded the risk in mortgage lending. He has long campaigned for reform in that area. Does he agree that anything in Europe based solely on Basel II could prove inadequate to the task?
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