Topical Questions

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 2:30 pm on 11th November 2008.

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Photo of Caroline Flint Caroline Flint Minister of State (Europe) 2:30 pm, 11th November 2008

I am sorry to disappoint my hon. Friend, but it is not for the Government to comment on the monetary policy of the central bank of the eurozone, not only because the UK is not a member of the eurozone but because it is absolutely right that monetary policy should be set independently, which is why we gave the Bank of England independence in 1997. However, I am pleased that the European Investment Bank is providing €30 billion, which is available to small businesses, to support them in the months ahead. That clearly demonstrates that there is a role for the EU to add value to what national Governments can do, and I am pleased that, as a Government, we can play a constructive part in making sure that that happens.

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