LETTER: Let 100 currencies bloom

From Mr James Robertson

Sir: One can sympathise with Andrew Marr's dream ("The secret that Blair and Major share", 5 December) of stirring up apathy about Europe. But he is unlikely to realise it. And that is probably just as well.

Our politicians may agree with each other that the monetary debate boils down to this: everyone must use a single European currency, instead of national currencies; no, everyone must go on using national currencies; no, no, a decision must be postponed. But they are wrong. That is not the whole story.

What about allowing a common European currency to develop organically, without compulsion, alongside national currencies, as increasing numbers of businesses and others find it convenient to use it? There are strong political and economic arguments for that approach, as John Major recognised when he was Chancellor. It is an obvious fallback strategy for the European project, if and when Maastricht fails. And it has a further advantage, not so widely recognised as yet.

Acceptance of the principle of coexisting currencies at different levels could give new hope of economic recovery to many cities and other subnational areas. One of the problems for these "economic crisis regions" today is that they cannot earn enough national currency to support economic transactions within their own boundaries.

If, as part of a new multi-level currency regime, local government authorities were allowed to issue local purchasing power in the form of local currencies for local use, that could be a great help.

It would be good if the Independent could encourage this kind of fresh thinking in the debate about Europe, rather than apathy. Today's heresy can turn out to be tomorrow's conventional wisdom.

Yours faithfully,

James Robertson

Cholsey,

Oxfordshire

The writer is author of 'Future Wealth: A New Economics for the 21st century'.