I notice that today's Financial Times reports on the European Union's work in standing up to powerful multi-national companies, having fined Microsoft some £350 million and pharmaceutical giant, Roche, a similar amount, deterring them from operating price fixing cartels.

The EU also prevented the merger between GEC and Honeywell which would have created a monopoly situation in Europe and has forced Microsoft to open some of its products to competition.

Does anyone really believe that any of our countries alone would have had the power to stand up to these big multi-nationals? By acting together in Europe we can ensure a more balanced fair market on a level playing field.