Joseph Johnson: According to the BBC's economics editor, Stephanie Flanders, the European Commission said this morning that any country that left the euro would also have to leave the European Union. Is that the Government's understanding of the EU treaties?

Mr Hoban: I am not a constitutional lawyer, for my blessings, but it is plainly necessary to establish the legal basis for any such action. I am not aware of what the Commission has said, and I think it very dangerous for us to engage in speculation on the subject.

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