Letter: Who will tell us the truth about the single currency?
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.Everyone, including your correspondent John Lichfield, seems to think that sterling would decline against the euro if we do not join a single European currency. Why should it? Recently, sterling has risen sharply against the mark and the dollar. Given that, due to the fudges necessary for many countries to pass the Maastricht criteria, it is likely that the euro will not be as hard as the mark, it seems much more probable that sterling will rise against the euro when it arrives.
Europhiles always invoke the spectre of "speculators" waiting in the wings, ready to pounce on sterling if it stays outside the fold. But that is to equate size with strength. How hard is the dollar these days? The Swiss franc is the hardest currency in the world, yet Switzerland is not even a member of the UN, let alone the EU. Besides, if "speculators" could bring down sterling any time, why aren't they doing it now? The Europhiles fail to understand that it is governments trying to fix their currencies at unrealistic rates that invites attack from a market which knows their real value. That is why sterling was ejected from the ERM.
Currency rates are only a thermometer. You do not make your economy stronger by artificially boosting them. We should not join a single currency until we can do so without shackling our economy in the process.
Michael Spencer-Smith
London SW10
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments