In February of last year the Select Committee on the Treasury and Civil Service, as the hon. Members for Oldham (Mr. Meacher), for Motherwell and Wishaw (Dr. Bray) and for Colne Valley (Mr. Wainwright), all of whom are most hard-working and able members of the Committee, know well, began an inquiry into international financing arrangements, Since then we have experienced the Sovereign Lending Crisis and a clear misalignment and volatility of exchange rates not only affecting the pound, about which we are chiefly talking today, but, as has been remarked, the over-valued dollar and the under-valued yen.