By Daisuke Ikemoto (auth.)
The first systematic research of why Britain and France parted corporation at the factor of ecu financial integration. Ikemoto unearths that Britain was once a lot keener to take part within the early levels of financial integration than formerly notion; Britain and France pursued widely related rules at the factor till the top of the 1970s.
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Extra resources for European Monetary Integration 1970–79: British and French Experiences
This could have derailed the recovery of the British economy and destabilised the international monetary system. 6 The British government also negotiated bilateral sterling agreements with the countries of the sterling area. Under the agreements, the sterling area countries were obliged to hold a certain proportion of their foreignexchange reserves in sterling. In exchange, Britain agreed to guarantee the value of 90 per cent of their sterling holdings in the US dollar. ) The important fact was that, as a consequence of the above developments, Britain was reduced to a position in which she was ﬁnancially, and therefore politically, dependent on the United States.
The ﬁrst two sections are concerned with the government’s policy towards EMU during international negotiations; and the third section with the situation of domestic party politics, which affected the ability of the government to legitimise and mobilise support for its policy in the future. Each section of the chapter begins with narrative accounts of the events and is followed by an analysis of the relative importance of explanatory factors formulated in the previous chapters regarding European policy pursued by the British government.
We will come back to this point later when we examine the Paris meeting between Heath and Pompidou in May 1971. (3) Economic considerations Two economic conditions had to be satisﬁed for any country to participate in a ﬁxed exchange rate regime and to stay inside for a length of time: sound balance of payments situations, and a rate of inﬂation in line with that of other participants. When the Conservative Party took ofﬁce in 1970, Britain’s balance of payments was in a strong position. However, the government could not be optimistic about the future.