May I congratulate my right hon. Friend on his excellent management of the British economy? On the single currency, does he agree that interest rates and the exchange rate are vital considerations? On interest rates, there has been considerable convergence, but there is some way to go. On the exchange rate, the euro has strengthened 8 per cent. against the pound in recent months, but it remains substantially undervalued. Does he agree that the exchange rate, in particular, is a vital factor that we must take into account when we take our decision on the single currency?