Financial Crisis

Part of the debate – in the House of Commons at 4:22 pm on 20th January 2009.

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Photo of Michael Connarty Michael Connarty Chair, European Scrutiny Committee 4:22 pm, 20th January 2009

I am always amazed at the Conservatives and how they view the world in which they live. They appear not to realise that there is a wolf at the door, but are much happier talking about a bogey man in the cupboard. In reality, we are facing an international collapse in financial credibility and the banking system, so we should be endorsing what the European Union, of which we are a part in terms of policy and decision making, is doing because it is, in fact, copying a strategy designed by this Prime Minister and this Government. That is the reality of it. Every other President, Prime Minister or leader will try to say that they have put in their bit, but the reality is that it was a headless organisation until we put the plan forward that was endorsed.

We have debated this issue before in a European debate: both the framework document and the action plan were debated in early December, just before they went to the European Council on 11 and 12 December and were endorsed by the European Union. I am on the record in that debate, speaking about what I hoped would be endorsed—

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