Last Sunday, BBC Radio 4’s The Reunion devoted 40 minutes to ‘Black Wednesday’, as our exit from the ERM was mistakenly called. No one mentioned that the underlying aim behind the ERM was to help create the conditions for a European single currency, and that our falling out ensured that Britain would not join.

Only in the 39th minute of the programme, did anyone — Kenneth Clarke — point out that ‘Europe’ was at the heart of the matter. If Black Wednesday had not exposed in one day’s trading the folly of the euro project for Britain, there would almost certainly have been no Brexit. No one came near to discussing this — a feat comparable to remembering Dunkirk without noting that it was followed by the Battle of Britain.

This is an extract from Charles Moore’s Notes, available in this week’s Spectator