Letter: Anti-euro tycoons

Sir: Ian Seddon's description of EMU as simply a "change in a medium of exchange" (letter, 26 August) gives the totally false impression that it is merely the cosmetic relabelling of money, like decimalisation in 1971.

EMU would bring with it not just new notes and coins, but the permanent loss of the power of the British authorities to set interest rates to suit economic conditions at home. This power would be exercised - for eternity - by the European Central Bank, which has no special regard for the health of the British economy.

It was a policy of setting UK interest rates to suit Continental conditions, before and during our ERM membership, that caused the last boom and bust. How ironic that Mr Seddon should not see the risk in taking again the very course of action that caused much of the hurt for which he heaps blame on the last government.

AUSTIN SPREADBURY

Enfield, Middlesex