European Affairs

My hon. Friend makes a good point. It is important not to believe the fallacy that is sometimes promoted in some quarters—namely, that it is Britain against the rest. There is a recognition across Europe of the need to improve regulation and supervision, for example, and Britain is in good company in regard to the arguments that we are making. I very much hope that the proposals that are discussed on Thursday and finally adopted on Friday will recognise the need for a balance between the national and the international level, because that is very important.