|Jenkin urges orderly break-up of the Eurozone|
|Tuesday, 18 October 2011 13:19|
Bernard Jenkin MP has called on the Government to advocate the orderly break-up of the Euro if the Eurozone debt crisis extends beyond the 5th November deadline recently set by the Chancellor of the Exchequer, George Osborne MP.
In response to the statement by the Chancellor on the Eurozone on 10th October 2011, Mr Jenkin asked: "May I remind my right honourable Friend of what he said on 24 September, when he reminded the world that there were six weeks to save the euro? If we get to 5 November and this crisis is grinding interminably on, will it not be time to start advocating the advice of Lord Lawson, who advocates an orderly break-up of the euro in order to restore growth to European economies and limit the liabilities that are constantly building up the longer this crisis goes on?"
Mr Osborne replied: "My honourable Friend is right to remind us that the G20 summit in Cannes is the last of a string of international meetings that have involved the G7, ECOFIN, which the Treasury Secretary attended, the International Monetary Fund, G20 Finance Ministers later this week and the European Council next week. It all culminates in the G20 meeting of world leaders at Cannes. That really is the moment when the world needs to be in no doubt that there is a solution to the eurozone problems and that we have the firepower and strength in the banking system to deal with them. If we do not deal with them, the situation will go from bad to even worse. However, as I say, it would not be sensible to advocate to our European colleagues the break-up of the euro. That would greatly diminish what we had to say in these meetings, as it would not be seen as practical — Well, I also think it would be wrong, as it is not in Britain’s national interest to see the euro break up."