Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301987 
Title (translated): 
"Practical Monetarism" and Central Bank Cooperation: The Bank of England and British EMS Policy 1979-1990
Authors: 
Year of Publication: 
2024
Citation: 
[Journal:] Vierteljahrschrift für Sozial- und Wirtschaftsgeschichte (VSWG) [ISSN:] 2365-2136 [Volume:] 111 [Issue:] 3 [Year:] 2024 [Pages:] 331-363
Publisher: 
Franz Steiner Verlag, Stuttgart
Abstract (Translated): 
This article analyses the Bank of England's (BoE) involvement in UK policy towards the European Monetary System (EMS) between 1979 and 1990. It outlines how scepticism about rigid monetarist approaches influenced the institution's stance towards the EMS. Despite internal disagreements, the BoE supported Britain's entry into the EMS Exchange Rate Mechanism (ERM). Although there were government attempts to sideline it in high-level discussions, the BoE maintained its influence through its central role in European central bank cooperation and policy implementation. Increased involvement in European monetary policy from 1988 sparked nuanced debates about the BoE's policy role and central bank autonomy which became an important catalyst for the move towards operational independence in 1997.
Subjects: 
central bank
Bank of England
monetary policy
Great Britain
monetary system
JEL: 
N14
N24
N44
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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