Exiting a Monetary Union and Defining British Exceptionalism

Twenty-five years ago today, the British government withdrew from the European Exchange Rate Mechanism (ERM). The Conservative administration found itself unable to maintain the agreed upon semi-pegged exchange rate, set between the pound sterling and the German mark, and was forced to leave on September 16, 1992, what was later coined as "Black Wednesday." Readers will surely … Continue reading Exiting a Monetary Union and Defining British Exceptionalism