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Britain and European Monetary Cooperation, 1964–1979Introduction

Britain and European Monetary Cooperation, 1964–1979: Introduction [The 1970s opened inauspiciously for Britain. The United States’ blunt decision to decouple the dollar from gold precipitated the collapse of the Bretton Woods system and resulted in a transition to currency floating in the early 1970s. At the same time, Europe moved in a different direction: it aimed at cooperation to achieve monetary stability. This polarisation, which served to amplify currency convulsions, claimed the demise of sterling as an international currency. ‘In 1960 sterling still accounted for 38 per cent of the world’s currency reserves. By 1970 this had fallen to 13 per cent, and by 1980 to only 2 per cent.’1] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Britain and European Monetary Cooperation, 1964–1979Introduction

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Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2015
ISBN
978-1-137-49141-1
Pages
1 –24
DOI
10.1057/9781137491428_1
Publisher site
See Chapter on Publisher Site

Abstract

[The 1970s opened inauspiciously for Britain. The United States’ blunt decision to decouple the dollar from gold precipitated the collapse of the Bretton Woods system and resulted in a transition to currency floating in the early 1970s. At the same time, Europe moved in a different direction: it aimed at cooperation to achieve monetary stability. This polarisation, which served to amplify currency convulsions, claimed the demise of sterling as an international currency. ‘In 1960 sterling still accounted for 38 per cent of the world’s currency reserves. By 1970 this had fallen to 13 per cent, and by 1980 to only 2 per cent.’1]

Published: Jan 16, 2016

Keywords: European Central Bank; Europe Economic Community; International Currency; International Liquidity; Internal Balance

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