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Balance of Payments: EU Action

Volume 493: debated on Tuesday 2 June 2009

To ask the Chancellor of the Exchequer what assessment he has made of the impact on the UK of changes to the facility to provide medium-term financial assistance for EU member states’ balances of payments. (277181)

The increase to €50 billion in May 2009 will further ensure that the EU is able to act to support the needs of all EU member states, and protect the functioning of the EU common market. There are no EC budgetary implications or impact on the UK of this increase to the ceiling of the facility. Other technical changes will have an impact on those countries receiving medium-term financial assistance under this facility; the EC budget and all member states would take on a larger contingent liability as a result of any increased lending.