I AM indeed indebted to Julian Thake for educating me in regard to Harry Potter (Evening News, July 23).

Mr Thake should appreciate that a one-day fall in the dollar of one half-cent does have significance.

This correspondent seems to suggest that shares are being buffeted by "short-term" forces.

In fact, the present worldwide bear market has now lasted in excess of two-and-a-half years, during which the FTSE has fallen by approximately 3,000 points.

This planet-wide bear rampage is clearly set to exceed in length of duration and in dismal depth the previous "Daddy" of all Bear Markets, 1929-1934.

Research by academics at the London Business School indicates that the market will not recover until 2013. However, my belief is that such a dire disaster would probably be avoided if the euro superseded the dollar as the world's leading currency.

Unemployment

There has been very high unemployment in Germany for many years, caused by re-unification in 1990 after 45 years of separation.

The country's plight would be accentuated, were it not for EU membership.

The only riots I have heard of in Italy during the past 50 years have been by football supporters, who regard their British counterparts as role models.

I am well aware that Switzerland is not a EU member. The euro and European Union are not absolutely essential to European co-operation, but they help greatly.

D E MARGRETT,

Worcester.