A Question of Sovereignty? The United Kingdom, Sterling, and the Exchange Rate Mechanism of the European Monetary System, 1985-1990
Does Britain belong to Europe? Can monetarism arrest Britain's long-term economic decline? Does a country need its own currency with floating exchange rates to be an independent nation-state?
These fundamental questions were at the heart of the debate that began in 1985 and became one of the most controversial issues during Margaret Thatcher's government: Britain's membership of the Exchange Rate Mechanism (ERM) of the European Monetary System.
The lecture highlights the political dimension of money in the EMS debate, where economic and European policy arguments clashed. It traces how the debates increasingly focused on the controversial concept of sovereignty as the European partners moved towards economic and monetary union.
The lecture outlines the positions of the government, the Bank of England and various interest groups, following the monetary policy course until the dramatic events on Black Wednesday in September 1992. It concludes with a discussion of the long-term consequences of the EMS controversy.'
All welcome- this event is free but booking is required.
This page was last updated on 14 March 2025
