Letter: ERM is vital to the Single Market's success

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The Independent Online
Sir: The purchasing power of the pound in 1992 stands at about 4 per cent of its 1938 value. Living standards in the intervening years have risen out of all recognition.

Where does the idea come from that 'squeezing inflation out of the system' is the essential prerequisite of 'sustainable economic growth'?

Yours sincerely,

COLIN H. GIBBONS

Twickenham, Middlesex

23 September

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