SIR - Brian Holmans rewrites history (T&A, June 26).
The reason for interest rates rising to 15 per cent was our membership of the exchange mechanism, the forerunner of the euro.
It was wide open to attack from currency speculators and one did indeed seize the opportunity to make a killing for his clients.
The result has been that we have been wary of entering such a currency arrangement with beneficial results.
T Hill, The Plantations, Low Moor, Bradford
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