European Affairs

If the hon. Gentleman wants a private conversation later, Mr. Speaker, I am sure we can arrange a date. I think that what hon. Members were trying to say to me was that the hon. Member for Croydon, Central (Mr. Pelling) is no longer a Conservative Member of Parliament. I apologise to him. Former and present Conservatives alike, however, seem to develop a new policy each time they rise to their feet. I was trying to say something about the economic matters that will be before the European Council next week. First, it is interesting to note that all European countries have adopted broadly similar measures. All member states have adopted significant stimulus packages, even those which, according to some—including the hon. Member for Rayleigh last year—were initially sceptical. For example, on 20 February 2009 the second German stimulus package, worth €50 billion, was adopted. Together with the first German stimulus of €32 billion, it represented an investment of 3 per cent. of GDP over two years, stimulating an additional 1 per cent. of growth. Germany invested €80 billion for recapitalisation of its banks, and France invested €40 billion. Those measures are very similar to the measures we adopted here. Secondly, concerted action in the G20 and the European Union has been vital. The EU's response to the crisis has demonstrated exceptional unity of purpose in its efforts to restore jobs and growth. To date, its combined fiscal stimulus has exceeded €400 billion. I am certain that without that combined effort we would have faced a worldwide slump or depression akin to what our forebears went through in the 1930s.