It is precisely the ill-thought-out views of hon. Gentleman that led the previous Government to join the exchange rate mechanism in the wrong conditions— [Interruption.] Conservative Members now want to blame us for the ERM. My goodness, we are learning a lot today. All the decisions of the previous Government are now the Labour Government's fault. The shadow Chancellor wants us to forget that he was at the Treasury between 1992 and 1994. The failure to think things through in the necessary detail and to apply the economic tests that we are applying led the Conservatives into the difficulties that caused the exit from the ERM when the shadow Chancellor was at the Treasury. We shall not repeat that; only the shadow Chancellor would.