Britain and European Monetary Cooperation, 1964-1979 (Palgrave Studies in the History of Finance)

This Book Provides A Unique Perspective On The Decline Of Sterling And Britain's Responsive Economic Policy-making In The 1960's And '70s. Machine Generated Contents Note: -- Introduction -- Part I: The Conservatives And European Monetary Cooperation -- 1. The Conservatives And European Monetary Cooperation -- 2. The Conservatives And Monetary Sovereignty -- 3. The Heath Government And External Economic Policy -- Part Ii: Labour And European Monetary Cooperation: Labour And Sterling -- 5. Harold Wilson, The 1964-66 Sterling Crisis And 'the Second Try' -- 6. The European Approach Versus Sterling-dollar Diplomacy -- 7. The 1976 Imf Crisis And Its Aftermath -- Conclusion -- Appendix I Central Bank Cooperation (1963-1976) -- Appendix Ii Short-term Aid Facilities 1964?1967 -- Appendix Iii Comparison Between The 1967 Devaluation Crisis And The 1976 Imf Crisis -- List Of Names -- Notes -- Bibliography -- Index. "The collapse of the Bretton Woods system in the early 1970s resulted in a transition to fluctuating rather than fixed currency system. This brought sterling into the turmoil of the world currency markets, and by the end of the 1970s, sterling had quietly ended its role as an international currency. Sterling-dollar diplomacy collapsed, bringing to an end what had hitherto been considered Britain's prime relationship. Britain and European Monetary Cooperation, 1964-1979 provides a unique perspective on these events, shedding light on the complexities of the historical context of British monetary diplomacy and exploring the country's attempt at a European approach to sterling in the 1960s and '70s. The book describes the political and economic approach Britain took at the turn of the 1970s, and explains how the country became restricted by the burden of the sterling balances. In this book, the author illustrates how these developments offered opportunity for both cooperation and conflict in the light of monetary diplomacy. He demonstrates how Britain's struggle to achieve exchange rate stability, twinned with controversy over European Economic Community membership, finally prompted serious reconsideration of economic policy-making. This book challenges the commonly-held perception of the decline of sterling, and explains that, although Britain's attempt at a European approach failed, the decline of the currency was more complicated than a 'managed decline'"-- Provided by publisher Front Matter....Pages i-xiii Introduction....Pages 1-24 Front Matter....Pages 25-25 The Conservatives and European Monetary Cooperation....Pages 27-51 The Conservatives and Monetary Sovereignty....Pages 53-64 The Heath Government and External Economic Policy....Pages 65-80 Summary of Part I....Pages 81-82 Front Matter....Pages 83-83 Labour and Sterling....Pages 85-104 Harold Wilson, the 1964–66 Sterling Crisis and ‘The Second Try’....Pages 105-135 The European Approach versus Sterling-Dollar Diplomacy....Pages 137-150 The 1976 IMF Crisis and Its Aftermath....Pages 151-174 Summary of Part II....Pages 175-177 Conclusion....Pages 179-185 Back Matter....Pages 187-276