Consequences of the last awful recession are still with us

Article Abstract:

The UK is still suffering from the after-effects of the recession in the period 1990-1992. The economic difficulties of that period served to boost Euroscepticism, and this is in turn making the UK increasingly isolated from the rest of the European Union. The recession was attributed to the UK's membership of the European Exchange Rate Mechanism, when in fact it was mainly the result of misguided domestic economic policies.

Analysis, History, Recessions

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Schlesinger: a banker's guilt

Article Abstract:

The British government and the Bundesbank were both at fault over Black Wednesday when sterling had to leave the European Monetary System (ERM). Realignment of a central rate is usually negotiated. Bundesbank president Mr Schlesinger gave an interview to the Wall Street Journal and Handelsblatt doubting whether the ERM could be sustained. Journalists misconstrued his remarks, damaging the pound sterling.

Management, Prices and rates, Behavior, Pound (United Kingdom), Deutsche Bundesbank, Schlesinger, Helmut

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They must stick to their guns

Article Abstract:

The UK government should adhere to its current monetary policy of trying to reduce inflation through continued ERM (European Exchange-Rate Mechanism) membership. Interest rates may soon have to rise. The pound sterling would be affected outside the ERM. A 10% fall in the pound sterling could result in 10% on import prices and 3% on overall prices.

United Kingdom, Membership, Monetary policy, European Monetary System

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