Eurozone Crisis

However, I conclude by saying that, later on, we will have to address the politics, which means that we have to get our European partners to sit down around the table and say, ““Look, the existing way that Europe works is disastrous””. It has led to this. We have to have a proper constitution; not the Lisbon anti-constitution, but a proper constitution in which it is quite clear which are the competences of the centre and which are the competences of the member states, and to have them properly entrenched, as any self-respecting constitution does. Finally—this is finally, I tell my noble friend—meanwhile, because we cannot wait for that, there is a threat to the City of London and to Britain as the great financial centre of Europe and the world from misguided European regulation, whether it is the Tobin tax or other things. I cannot possibly give way. Please, I cannot because of the time. Blame the Whips on both sides. We have to say clearly that we will invoke the Luxembourg compromise. There is no way that we will allow ourselves to accept a majority vote on regulations that will be damaging to the City of London, when the City of London is far more important—indeed, far more important to Europe—than all of the rest of the financial centres of the European Union put together. We must be absolutely firm in invoking the Luxembourg compromise in saying, ““No way””.