Abstract: In September 1992, the UK was forced to withdraw from the exchange rate mechanism of the European Monetary System, as it was unable to keep the value of the pound above the limit specified by the agreement. There are lessons from three decades ago for today’s bout of high inflation.
Cite this article:
John Turner, ‘The birth of inflation targeting: why did the ERM crisis happen?’, Economics Observatory (November, 2022), https://www.economicsobservatory.com/the-birth-of-inflation-targeting-why-did-the-erm-crisis-happen
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