Finance Ministers' Meeting (Ireland)

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 12:34 pm on 17th November 2010.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 12:34 pm, 17th November 2010

We have taken action in the UK to tackle our fiscal position to avoid a sovereign debt crisis. [Interruption.] Opposition Members need to recognise that the problems facing Ireland stem from a banking crisis-the banking sector was poorly regulated. We are learning lessons from that in the UK, but it is very clear that because we are outside the euro we have the flexibility to engage in economic policy by setting interest rates that meet our economic needs, and we have the flexibility that our exchange rate brings in stimulating exports. We are in a much better position as a consequence of being outside the euro.