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In September 1992, the growing crisis of European monetary union came to a
climax. The line could not be held and all over Europe currencies crashed,
interest rates soared, reserves were raided and devaluations loomed. In Britain
this signalled the failure of John Major's economic strategy and also led
to the break up of his European policy.
This book is a guide to understanding both European monetary systems. With
his usual exemplary lucidity, John Grahl presents a clear analysis of how
the EMS works, the events leading up to the 1992 crisis, and the subsequent
fortunes of the project for monetary union. A critical supporter of European
monetary integration, Grahl puts forward his own suggestions for an alternative
approach.
John Grahl is senior lecturer in Economics at Queen Mary and Westfield College,
University of London. He is co-author with Paul Teague of 1992 - The Big Market:
The Future of the European Community (L&W 1990) and Industrial Relations
and European Integration (L&W 1992).