In the early 30's, when I first came to this House, a Crisis of Markets nearly destroyed the herring industry.

In his less guarded moments he admits that there is a Crisis in the Markets.

This Crisis in the Market for beef could spell ruin for some producers.

British Coal's claim that Parkside has no future is not based on a judgment of the pit's efficiency but on the Market Crisis facing British Coal.

Given the means available to the state as the reinsurer of last resort and the flexibility of the insurance market, it is clear that we can respond to the Crisis in the Market and ensure that businesses continue.

repossessions are increasing and negative equity is increasing, and we are confronted with a genuine Crisis in the Market.

It is increasing again; repossessions are increasing and negative equity is increasing, and we are confronted with a genuine Crisis in the Market.

have introduced vigorous measures in response to the Market Crisis in beef; and have secured European Union arrangements to support these efforts and a framework for lifting the beef export ban.

Indeed, they are proud to have been inventive enough to find ways in which the PSBR could be massaged down to stave off yet another Crisis in the Markets.

The Committee was anxious that the real benefits of generic drugs were being dissipated by a sudden and apparently inexplicable Crisis in the Market.

Short selling is a relatively small dimension of the Crisis in the Markets, as I am sure my noble friend appreciates.

It is not a Crisis of Markets; it is a crisis of regulation and controls.

We will make progress more difficult, delay the necessary action and when the cuts-forced by Market Crisis, collapse of sterling or a bond crisis- eventually come, they will be more rapidly administered, more brutal and less well thought through.

So we have some sort of emergency measure that enables them, if they are unanimous, acting only in consultation with the European Parliament rather than by the slower procedure laid down in the previous paragraph, to take a decision-perhaps sanctions, perhaps when there is some systemic threat to the system, some sort of Crisis in the Markets-rather than with the European Parliament being co-equal and qualified majority by the standard procedure.

Nevertheless, despite all the euphoria of the past week about Italy, I suspect that we shall experience many more months of tottering along from Market Crisis to emergency meeting, to fully fledged conference and half-hearted bail-outs - the sort of disaster to which my hon. Friend has referred.

On the other hand, we do not want to exclude from the special resolution regime those firms that, in normal market circumstances, would not be seen as systemic but which, in times of Market Crisis, might pose systemic risks.

As ever, the Chancellor is fond of having a pop at the previous Labour Government, but there was a Crisis in the Markets to which that Government had to respond.