Book contents
- Making a Modern Central Bank
- Studies in Macroeconomic History
- Making a Modern Central Bank
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Acknowledgements
- Abbreviations
- 1 Introductory
- 2 Foreign Fetters
- 3 The Performance of the UK Economy
- 4 The Inexplicable in Pursuit of the Uncontrollable
- 5 ‘A Good Deal of Advice’
- 6 The Long Shadow of the Deutschemark
- 7 Hong Kong
- 8 Shaved Eyebrows
- 9 Tunnelling Deep
- 10 Great Leap in the Dark
- 11 The Spine Theory and Its Collapse
- 12 ‘You Can’t Be In and Out at the Same Time’:
- 13 Horses for Courses
- 14 Failure of Internal Communication
- 15 The New Bank
- 16 Epilogue
- Book part
- Notes
- Bibliography
- Index
12 - ‘You Can’t Be In and Out at the Same Time’:
The Legacy of Delors
Published online by Cambridge University Press: 18 September 2020
Book contents
- Making a Modern Central Bank
- Studies in Macroeconomic History
- Making a Modern Central Bank
- Copyright page
- Dedication
- Contents
- Figures
- Tables
- Acknowledgements
- Abbreviations
- 1 Introductory
- 2 Foreign Fetters
- 3 The Performance of the UK Economy
- 4 The Inexplicable in Pursuit of the Uncontrollable
- 5 ‘A Good Deal of Advice’
- 6 The Long Shadow of the Deutschemark
- 7 Hong Kong
- 8 Shaved Eyebrows
- 9 Tunnelling Deep
- 10 Great Leap in the Dark
- 11 The Spine Theory and Its Collapse
- 12 ‘You Can’t Be In and Out at the Same Time’:
- 13 Horses for Courses
- 14 Failure of Internal Communication
- 15 The New Bank
- 16 Epilogue
- Book part
- Notes
- Bibliography
- Index
Summary
After September 1992, there remained considerable uncertainty about the longer-term possibility of the UK eventually joining the Eurozone, a prospect that few liked, but equally almost no policy-maker wanted to rule out definitively. There thus remained a substantial ambiguity in the question of the UK’s relation to the giant monetary experiment of the European Union. The Bank started to think about exporting its new policy framework, based on an inflation target, as a superior model, also for European monetary management.
- Type
- Chapter
- Information
- Making a Modern Central BankThe Bank of England 1979–2003, pp. 310 - 317Publisher: Cambridge University PressPrint publication year: 2020