My hon. Friend makes a very good point. There was a debate-it was pretty widely reported, so I am not betraying anything that was not read by everyone throughout the world-about whether to address the solvency issues, and whether there should be a contribution-or a haircut, to use the jargon-from senior debt holders in the banks or, indeed, sovereign debt holders. The international community's view, with which we absolutely agree, is that such a contribution risked a very serious contagion that might spread through many different banking systems, not just those of the countries to which my hon. Friend refers. So the decision was taken not to require a private sector bail-in from senior debt holders in the banks or, indeed, sovereign debt holders.

As part of a comprehensive solution, the eurozone needs to come to a rapid conclusion about its mechanism, draw a distinction, as it has sought to, between existing debt and potential future-issued debt, create a credible mechanism and work out how a single currency zone that does not have a single fiscal policy or a political union will deal with its imbalances.