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.

Debate in Parliament | Source |