Mandatory monetary battles are the problem

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From Mr Keith Campbell Golding.

Sir, Are these the same central bankers who brought about the near financial collapse with their non-prescience that Philipp Hildebrand alludes to in his article on why “there is no such thing as a currency war”? (Comment, February 12.)

While François Hollande, Shinzo Abe and many others wish their currencies were at different levels to where they are, are we not witnessing a rerun of political interference with central bankers to do what is desirable without heed of the law of unintended consequences? As Mr Hildebrand says: “These monetary battles are justified and fully embedded in legal mandates.” That, I suggest, is the problem, not the answer. Some will continue to make predictions, no doubt, as to exactly what will happen next, but history has not been kind to that line of thought.

Keith Campbell Golding, London SW15, UK

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