New Clause 3 — Report on the impact of the European Stability Mechanism on the economic performance of the European Union

Part of European Union (Approval of Treaty Amendment Decision) Bill [Lords] – in the House of Commons at 8:15 pm on 10th September 2012.

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Photo of Geoffrey Clifton-Brown Geoffrey Clifton-Brown Chair, Committee of Selection 8:15 pm, 10th September 2012

The ECB’s announcement was made alongside the fact that it would impose conditions on the buy-outs of bonds. There is concern in some countries that they will not be able to meet those conditions. Is my hon. Friend Steve Baker not right that the market is taking a very short-term view? Unless there are strict fiscal conditions so that the situation improves, the buy-outs of bonds will not solve the problem.