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Black Wednesday in Britain: The Politics of ERM Crisis

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  • Product Description

    Abstract:
    The withdrawal of Britain from the European Exchange Rate Mechanism, designed as a precursor to a European political and currency union, has been described as a "seminal moment in European politics...on a rank with the first oil shock." This case describes, from the point of view of key British decision-makers, the ways in which the British government of John Major sought to balance political and macroeconomic considerations only to lose its bid to "support the unsupportable" and prevent a devaluation of the pound.

    Learning Objective:
    The case poses the ERM/pound sterling problem as it was faced by Prime Minister Major and his Chancellor of the Exchequer Norman Lamont. It provides both a primer on contemporary European macroeconomic strategy and tensions, as well as a window on the forces which nation-states must consider today as they set interest rates and decide whether and how to defend their currencies

  • Other Details

    Publication Date: January 01, 1995
    HKS Case Number: 1296.0
    Case Author: Kirsten Lundberg
    Faculty Lead: Ernest May and Philip Zelikow
    Pages (incl. exhibits): 24
    Setting: Europe, United Kingdom
    Language: English
    _year: Older than 2000
    _pages: 16-25
    _geography: Europe
  • Warranty Information

    /review/1296.0.EducatorCopy.pdf

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