In the difficult times we have been experiencing, our membership of the euro has been and continues to be of critical importance to the economy. It is therefore incumbent upon us to play our part in defending the currency, not only because of the principles of solidarity and responsibility that came with our membership of the euro, but because ensuring the ongoing financial stability of the euro-area is vital to our economic recovery and future success. That is the purpose of the Bill. I have outlined the full implications of the legislation before the House including the possible financial implications. This is an important piece of legislation for us and our European partners. I commend the Bill to the House.

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