Mike German asked whether the First Minister would be in favour of Wales joining an exchange rate mechanism.

BBC: Rhodri Morgan at First Minister's Questions this week

The fiasco of Britain's ejection from the exchange-rate mechanism added an impression of incompetence to the impression of drift.

ECONOMIST: Memoirs are made of this

He was an adviser to Chancellor Norman Lamont during the Exchange Rate Mechanism crisis of the early 1990s and headed the inquiry into whether former Home Secretary David Blunkett misused his position.

BBC: Sir Alan Budd and Hector Sants on New Year Honours list