The motion in the name of William Cash, stated that the House had "considered the matter of the legal and other action now to be taken by the Government in upholding the rule of law and protecting UK interests in respect of the nature and content of the Treaty on Stability, Co-ordination and Governance in the Economic and Monetary Union."
Emma Reynolds, Shadow Minister for Foriegn and Commonwealth Affairs, responded to the debate on behalf of the opposition. Watch and read the debate and the views expressed by MPs on Parliament TV and in Commons Hansard.
The European Council on 1-2 March in Brussels will discuss the implementation of the EU's economic strategy based on continued fiscal consolidation. On the second summit day, leaders will sign the new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG), also known as the "fiscal compact".
The aim of the Treaty is to promote budgetary discipline, further reinforce economic policy coordination and improve the governance of the euro area.
Application for emergency debate
William Cash made an application for an emergency debate on Wednesday 29 February 2012.
The application was put before the House and was agreed.
Standing Order 24
Standing Orders are the rules made by both Houses of Parliament for the regulation of their proceedings. Standing Order 24 allows an MP to make an application for the House of Commons to
"debate a specific and important matter that should have urgent consideration. If the Speaker is satisfied that the matter is proper to be so debated, the Member shall either obtain the leave of the House, or, if such leave be refused, the assent of not fewer than forty Members who shall thereupon rise in their places to support the motion, or, if fewer than forty Members and not fewer than ten shall thereupon rise in their places, the House shall, on a division, upon question put forthwith, determine whether such motion shall be made."
House of Commons Standing Orders - Public Business
The last successful application for an emergency debate was made by Chris Bryant, Labour MP for Rhondda, on 5 July 2011 phone-hacking at News of the World. The debate was held on 6 July 2011.