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 6:15 pm on 10th September 2012.

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Photo of Emma Reynolds Emma Reynolds Shadow Minister (Foreign and Commonwealth Affairs) 6:15 pm, 10th September 2012

I agree that it would be important. It is not clear when the ESM will be introduced—the constitutional court in Germany will rule on Wednesday —or what the significance or extent of the interaction with the private sector will be. It is important for those reasons as well, therefore, that the Chancellor and the Foreign Secretary produce reports in the way suggested by the new clauses. It would enhance the scrutiny of these important subjects in the House and the other place and make it clearer to the general public exactly how the ESM will operate and how its operations will affect the British economy.