Loans to Ireland Bill

Part of Loans to Ireland Bill (Allocation of Time) – in the House of Commons at 2:29 pm on 15th December 2010.

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Photo of Bernard Jenkin Bernard Jenkin Chair, Public Administration Committee, Chair, Public Administration Committee 2:29 pm, 15th December 2010

When a country becomes over-indebted, it can either enslave itself to the debt or inflate and devalue. Is it not clear that the fundamental problem is that none of the countries in the euro can inflate and devalue to get out of their problems? That is why some Conservative Members are saying that it is only a matter of time before some of these countries fall out of the euro, and that we would be better off planning on that basis than pretending that we can hold back an unstoppable tide.