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Barry Eichengreen: The long shadow of Black Wednesday still hangs over the City

When the UK was forced to abandon the ERM, it not only shaped British monetary policy, it ensured the take-up of the euro

By

Barry Eichengreen

Prime Minister Liz Truss can only hope that the anniversary of Black Wednesday won’t ever be 'celebrated' with a replay
Prime Minister Liz Truss can only hope that the anniversary of Black Wednesday won’t ever be 'celebrated' with a replay Photo: Getty Images

Barry Eichengreen, professor of economics at the University of California, Berkeley, is a former senior policy adviser at the International Monetary Fund. He is the author of many books, including In Defence of Public Debt

Friday 16 September marked 30 years since ‘Black Wednesday’, when the pound was ignominiously ejected from the exchange rate mechanism of the European Monetary System. Not all anniversaries are occasions for celebration. This one certainly is not.

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