Letter: In brief

Sir: When the pound was forced out of the ERM by speculators and then depreciated in value, this was considered a Good Thing. At present, with the pound appreciating against the euro, so that it now nears the "disastrous" ERM level, this is also considered a Good Thing, while the depreciation of the euro is considered a Bad Thing and a reason for not joining. How can these views be reconciled?

HOWARD CHENEY

Shipston on Stour, Warwickshire