Professor John FitzGerald:

We are assuming that it converts at the conversion rate between sterling and the euro on the day. We have used the current conversion. That study which Professor Morgenroth mentioned had this crazy idea that Northern Ireland would devalue by 20% on the day of unification, which would make everybody in Northern Ireland suddenly 20% worse off as prices would adjust instantaneously. They would get that back after wages adjusted, probably after three years, but that suggestion was mad because Northern Ireland's problem is not a lack of competitiveness. Northern Ireland is cheap. That is not the problem. Reducing wages for everybody in Northern Ireland on the day of unification by 20% is crazy. It is solving the wrong problem. There is no way in unification it will convert. Now, that was an issue in Germany.