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Making a Modern Central Bank and Six Days in September – Britain’s progressive estrangement

Summary:
David Marsh of OMFIF reviews two books which discuss how the seeds of Brexit were sowed in 1992 currency crisis: Currency dramas linking the UK and continental Europe are tangled tales of confusion, intrigue and progressive estrangement. Harold James’ book on the 1979-2003 history of the Bank of England, to be launched by OMFIF on 23 November, acts as a powerful companion volume to Six Days in September: Black Wednesday, Brexit and the making of Europe, by William Keegan, David Marsh and the late Richard Roberts. The book, published by OMFIF Press in September 2017, marked the 25th anniversary of Britain’s 1992 departure from the exchange rate mechanism of the European Monetary System. Both books provide important information about events leading up to the 2008 financial crisis and

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David Marsh of OMFIF reviews two books which discuss how the seeds of Brexit were sowed in 1992 currency crisis:

Currency dramas linking the UK and continental Europe are tangled tales of confusion, intrigue and progressive estrangement. Harold James’ book on the 1979-2003 history of the Bank of England, to be launched by OMFIF on 23 November, acts as a powerful companion volume to Six Days in September: Black Wednesday, Brexit and the making of Europe, by William Keegan, David Marsh and the late Richard Roberts. The book, published by OMFIF Press in September 2017, marked the 25th anniversary of Britain’s 1992 departure from the exchange rate mechanism of the European Monetary System.

Both books provide important information about events leading up to the 2008 financial crisis and Britain’s June 2016 referendum vote to leave the European Union. As the Financial Times wrote in its review of Six Days in September – which the paper called ‘a tale told with verve, drawing on once-secret Whitehall documents and contacts with key players further afield’ – an almost straight line joins 16 September 1992 and 23 June 2016. ‘Black Wednesday was the moment when Tory antipathy towards the EU curdled into the eurosceptic uprising that eventually led [British Prime Minister David] Cameron to surrender to demands for a plebiscite.’

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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