To mark the launch of her new book Geprägte Freiheit: Großbritannien und das Europäische Währungssystem 1979–1992, now available from De Gruyter Brill in the series ‘Publications of the German Historical Institute London’, Juliane Clegg shares an insight into her research with the GHIL Blog.
‘Now we’ve all been screwed by the Cabinet’. This was the headline used by The Sun in September 1992 to report on one of the most defining events in recent British history: Britain’s withdrawal from the European Monetary System’s Exchange Rate Mechanism (ERM).1 A sterling crisis had forced the country out of the ERM, which was perceived as a humiliation and reinforced reservations about the planned European Monetary Union. In more recent interpretations, these events and experiences contributed significantly to Britain’s alienation from the EU and the subsequent Brexit vote in 2016.2
Continue reading The Political Dimension of Currency: Britain, Europe, and the Struggle for Sovereignty
