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Britain and European Monetary Cooperation, 1964-1979 (Hardcover, 1st ed. 2015)
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Britain and European Monetary Cooperation, 1964-1979 (Hardcover, 1st ed. 2015)
Series: Palgrave Studies in the History of Finance
Expected to ship within 12 - 17 working days
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The collapse of the Bretton Woods system in the early 1970s
resulted in a transition to fluctuating rather than fixed currency
system. This brought sterling into the turmoil of the world
currency markets, and by the end of the 1970s, sterling had quietly
ended its role as an international currency. Sterling-dollar
diplomacy collapsed, bringing to an end what had hitherto been
considered Britain's prime relationship. Britain and European
Monetary Cooperation, 1964-1979 provides a unique perspective on
these events, shedding light on the complexities of the historical
context of British monetary diplomacy and exploring the country's
attempt at a European approach to sterling in the 1960s and '70s.
The book describes the political and economic approach Britain took
at the turn of the 1970s, and explains how the country became
restricted by the burden of the sterling balances. In this book,
the author illustrates how these developments offered opportunity
for both cooperation and conflict in the light of monetary
diplomacy. He demonstrates how Britain's struggle to achieve
exchange rate stability, twinned with controversy over European
Economic Community membership, finally prompted serious
reconsideration of economic policy-making. This book challenges the
commonly-held perception of the decline of sterling, and explains
that, although Britain's attempt at a European approach failed, the
decline of the currency was more complicated than a 'managed
decline'.
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