European Union Bill

I was not arguing that we should join the euro today. On the earlier question, I defer to my noble friend’s greater experience in these financial fields. However, a large number of economists have taken the view that what is needed at the moment are much more effective stress tests for European banks on a euro-wide basis. For example, I dare say my noble friend has read economist Willem Buiter’s considerable contribution to Citigroup’s paper on the subject. He is not alone in this because a large number of economists are concerned that only through a much more rigorous euro-wide stress test system will the banking liquidity part of the problem be adequately resolved.