European Union Financial Stability — 11 Oct 2011 at 21:58
The majority of MPs voted to note a number of documents related to European financial stability, to welcome steps towards economic recovery in Ireland and Portugal and to welcome the replacement of the European Financial Stabilisation Mechanism with a Euro-area only Stability Mechanism.
The motion approved in this vote was:
- That this House
- takes note of European Union Documents No. 9776/11 relating to a Draft Council implementing Decision on granting Union financial assistance to Portugal, No. 9780/2/11, relating to a Council implementing Decision on granting Union financial assistance to Portugal, and No. 9777/11 relating to a draft Council implementing Decision amending implementing Decision 2011/77/EU of 7 December 2010 on granting Union financial assistance to Ireland;
- notes the importance of financial stability in the Euro area for the UK;
- welcomes the recent steps being taken by the governments of Ireland and Portugal to promote growth and return their economies to a sustainable path;
- welcomes the Government’s success in securing agreement that the European Financial Stabilisation Mechanism will cease to exist once the permanent, Euro area-only, European Stability Mechanism becomes operational in July 2013; and that Article 122(2) of the Treaty on the Functioning of the EU, the basis for the emergency arrangements, will no longer be needed for such purposes.
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