I agree with all the wonderful things my hon. Friend has been saying about Scotland, which are so clearly and self-evidently true. The point I was
trying to make is that if a country has fiscal autonomy and issues debt in a currency other than its own, it may well get squeezed in the way seen not only in Greece, but in Italy and Spain, and in countries across Asia during the Asian financial crisis in the 1990s. For a country to have fiscal autonomy without its own currency is a recipe for economic failure. To go back historically, the same was true of the gold standard in the 1930s.