LORDS

Euro Area Crisis and the fiscal compact treaty

The EU Committee conducted a short inquiry into the euro area crisis, and the 'fiscal compact' treaty proposed at the December European Council. The short inquiry built on work done by the Sub-Committee on Economic and Financial Affairs in the latter part of 2011, and also on an evidence session with Mr Charles Grant (Centre for European Reform) and Mr Edward Carr (Foreign Editor, The Economist), which was held on 29 November 2011.

The inquiry focused on the ongoing euro area crisis, the 9 December European Council meeting, and the proposal for a treaty between up to 26 EU member states on budgetary discipline and greater economic policy coordination in the eurozone.

The Committee held the the following oral evidence sessions:

Tuesday 17 January, 4.10pm: The Rt Hon David Lidington MP, Minister for Europe

Monday 23 January:

4.10pm: Professor Paul Craig, St. John's College, Oxford, specialist in constitutional and administrative, and European Union Law;
5pm: Mr Giuliano Amato, former Prime Minister of Italy, and Vice President of the Convention on the Future of Europe, 2001-03.

Given the short timescale for the inquiry, the Committee did not issue a formal call for written evidence. 

The Committee's report was published on the 14 February 2012. It received a response from the Government. Links to these documents are below;

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    Glossary

    • Reports and associated evidence - reports and evidence featuring written submissions and corrected oral evidence published at the conclusion of Committee inquiries. Evidence is periodically updated over the course of an inquiry and is not finalised until the relevant Report is published.
    • Uncorrected oral evidence - transcripts of oral evidence not yet approved by the Committee or witnesses.
    • Other oral evidence - corrected transcripts of oral evidence, usually taken for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Evidence - written submissions and corrected oral evidence published for scrutiny purposes or for ad hoc/regular evidence sessions with Ministers.
    • Responses to Reports - Government Department and European Commission responses to reports.
    • Call for Evidence - request to submit evidence to a Committee inquiry.
    • Correspondence - correspondence received and sent by the Committee excluding ministerial correspondence.
    • Correspondence with Ministers - Ministerial correspondence received and sent by the Committee.
    • Progress of Scrutiny - records the decisions taken by the EU Committee on European documents that have been deposited in Parliament for scrutiny.