Letter: Banking on independence
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Your support makes all the difference.Sir: David Lewis in his letter regarding the Bank of England being independent (23 October) is in danger of rewriting modern history. The Bundesbank wished for a gradual integration of the two German economies; the politicians foolishly went for immediate integration. The Bundesbank, in raising interest rates, was doing so as the result of a political decision. It was simply acting as Helmut Kohl's agent and witnessing a state of affairs it had cautioned against. Rather than being an argument against the independence of a central bank, it confirms the need for it.
Yours faithfully,
N. WEBB
Hipperholme, West Yorkshire
23 October
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