It was in essence, shadowing the German currency, the Deutchmark

Aug 10, 2021

1 min read

This exchange rate mechanism obliges the central bank of the participating country to defend an exchange rate pivot, intervening in the market if necessary. The idea behind the decision taken by the British in October 1990 was that joining the exchange rate mechanism would reduce inflation and bring stability to exporting companies, by controlling the exchange rate to limit its volatility.

The Day George Soros Broke the Bank of England To Make $1.1B

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Sylvain Saurel

It was in essence, shadowing the German currency, the Deutchmark

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