LETTER : Markets will decide fate of the euro

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The Independent Online
Sir: Peter Prior (letter, 9 December) suggests that in 50 years' time sterling will be "bobbing helplessly in the waves made by the super- currencies". As one who has yet to make my mind up about the "noble" reasons for joining a federal Europe, I find the argument that there is a need for the UK to be part of a super Euro-currency unconvincing.

The volatile nature of the currency markets will always mean there is a case for strong "smaller" currencies to enable investors to minimise risk. With London already the currency exchange capital of Europe I would suggest that the financial systems to enable sterling to remain outside the EMU, whilst maintaining authority, already exist.

Dr EDMUND HUGHES

Dublin

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