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Article: The campaign for sterling: Black Wednesday.
- Article from:
- The Economist (US)
- Article date:
- January 9, 1993
CopyrightCOPYRIGHT 1993 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If the officials involved could relive the events leading to sterling's ejection from Europe's exchange-rate mechanism on Wednesday September 16th 1992, what would they have done differently? Amazingly, not a lot
ON SEPTEMBER 10th, less than a week before Black Wednesday, John Major's cabinet met for the first time since the summer break. The prime minister congratulated Norman Lamont, his chancellor, on handling the sterling crisis "with great skill". "Hear hear," chorused the colleagues, banging the cabinet table with their fists.
That much was widely reported at the time. The sequel, however, was not. As the cabinet filed out, one of Mr Major's most senior ...