---

Economic Recovery

The first impact of a competitive exchange rate will be on import substitution. Then we would hope that, as the economies of Europe, in particular, but also the United States, recover, we will be able to export. My concern—this was the question I asked the right hon. Gentleman originally—is this: when our economy begins to recover, it is likely that the exchange rate will appreciate, losing the advantage that we have had, so how do we prevent that from happening?