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Why is the UK not in the Eurozone

Page history last edited by Brian D Butler 13 years, 11 months ago

 

 

In 1992 when the British government was fighting to keep the pound within Europe’s exchange-rate mechanism. On September 16th, or “Black Wednesday”, the government increased interest rates in two steps from 10% to 15% only for the pound to keep falling. Investors simply did not believe that the government would inflict that much pain on its citizens in order to defend the currency. And the markets were right. The pound was out of the ERM by the evening."  read more from source: http://www.economist.com/business-finance/displaystory.cfm?story_id=16063920

 

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