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European Affairs

I think that I can help my right hon. Friend and the House, because we have the draft conclusions, although we did not obtain them from the Government: we had to obtain them from the Danish Parliament website. It is clear that the Council has already decided to go well beyond macro supervision by regulating alternative investment funds, undertaking micro-prudential supervision, and setting up a European system of financial supervisors going way beyond what my right hon. Friend suggests. We are really up against it. We are already isolated, and it is apparent from the conclusions already published that the Government have already given in.