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Banking Union and Economic and Monetary Union

Part of Free School Meals (Children Over the Age of 16) – in the House of Commons at 5:18 pm on 6th November 2012.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury) 5:18 pm, 6th November 2012

I will in a moment, but I am conscious of time.

The motion expresses, in only the most general terms, the Government’s policy to

“remain outside the new supervisory arrangements while protecting the single market in financial services.”

That is necessary, but it is not sufficient. Perhaps it would be better if Ministers found ways to stay outside the scope of the eurozone’s rules—the point made by Mr Jenkin—but somehow still be in the room on EU-wide supervision matters as they develop, and to secure protections in any future settlement on EBA rule-making and mediation.