New Clause 1 — Impact of the European Stability Mechanism on the UK

Part of European Union (Approval of Treaty Amendment Decision) Bill [Lords] – in the House of Commons at 6:00 pm on 10th September 2012.

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Photo of Emma Reynolds Emma Reynolds Shadow Minister (Foreign and Commonwealth Affairs) 6:00 pm, 10th September 2012

Our relationship with the Republic of Ireland, which is incredibly important, is testament to the temporary mechanisms put in place in May 2010, which had cross-party agreement. Conservative Members like to tell Labour Members that the mechanisms were agreed unilaterally, but there is proof in a note by the former Economic Secretary—she is now Secretary of State for International Development—of cross-party agreement on setting up the EFSM at a time when the eurozone looked like it might collapse. The EFSM has been incredibly important to Ireland’s recovery, so much so that Ireland has been able to sell Government bonds on the international markets again since July this year.