Usually, the internationalisation of the currency is the endpoint of a long process.

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Such internationalisation will also mean challenges for national government, says Sir Michael.

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And in the lead up to the 2008 crisis, China had exactly the same reasons for holding back on the internationalisation of the yuan.

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But, if the situation deteriorates, there is another option: internationalisation.

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The Internationalisation Enterprise series began in 2003.

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Meanwhile, a survey of small businesses backed by the Scottish Council for Development and Industry (SCDI) and Strathclyde Business School has found that only 10% of respondents made extensive use of digital technology and had a clear digital strategy to support their internationalisation.

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