Letter: Notes on the ecu

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The Independent Online
From Mr Selwyn Hodson-Pressinger

Sir: Full marks to James Fenton ("Marks or merks, it's all sterling currency", 10 April) for a sensible assessment about adopting a European single currency. However, whatever nomenclature is decided upon, we should not concern ourselves too seriously over its design. Taking a more long-term view, it is evident that coins and banknotes will quite soon be deemed outmoded in a European economy increasingly dependent upon sophisticated technology for monetary transactions and with the universal, and exclusive, use of credit cards and debit cards by consumers.

As a consequence, not only will Europe's individual national currencies be phased out but the same fate awaits ecu coins and banknotes issued by the European Central Bank, in spite of Article 105a of the Maastricht Treaty.

Yours faithfully,

SELWYN HODSON-PRESSINGER

Lille, France

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