events
Black Wednesday: The British pound is forced out of the European Exchange Rate Mechanism by currency speculators and is forced to devalue against the German mark.
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Black Wednesday
1992 UK financial crisis
Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism , following a failed attempt to keep its exchange rate above the lower…Source: Wikipedia (CC BY-SA)
European Exchange Rate Mechanism
European system to reduce exchange rate variability after the Euro
The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro as part of the European Monetary System (EMS), to reduce exchange rate variability and achieve…Source: Wikipedia (CC BY-SA)