Guest
The Britain’s love affair with the the European Monetary System (ERM), precursor to the euro, and its political ramification In October 1990, in the last days of her premiership, Margaret Thatcher announced, against her better judgement, that Britain would join the exchange rate mechanism of the European Monetary System (ERM), precursor to the euro. In September 1992, during John Major’s premiership, Britain found herself unable to sustain membership and left the ERM. This had fundamental consequences for the Conservative Party, destroying its reputation for sound economic management, and legitimising euroscepticism, so making it less likely that Britain would join the euro. The transcript and downloadable versions of the lecture are available from the Gresham College website:
