Letter: 'Dirty floating' inevitable in a world of deregulated financial markets
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: The breakdown of the exchange rate mechanism is not just a setback for European monetary union; it poses a threat to the integrity of the European single market, as each member country exploits its freedom of action to strengthen its competitiveness against its EC partners by devaluation. In the process Europe will forfeit its chances of competing with the rest of the world.
And, as EC governments retreat first from monetary, then from economic co-operation, they will find themselves under equally strong pressures to retreat from political co-operation also. This lamentable state of affairs results from a failure of leadership everywhere in Western Europe.
It is not good enough for the British government to say, 'I told you so.' It should now be showing the kind of leadership that Churchill and Ernest Bevin showed in the Forties, and that Edward Heath showed in the Seventies. It should now relaunch the idea of a strong common currency, backed by an independent central bank to sustain the single market. And it should demonstrate by words and deeds its understanding that a single market and close political co- operation are as vital for Britain as they are for Europe.
Yours faithfully,
ANTHONY MEYER
European Movement
London, SW3
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments