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1 results

  • 12 - ‘You Can’t Be In and Out at the Same Time’:

  • Harold James, Princeton University, New Jersey
  • Book:
    Making a Modern Central Bank
    Published online:
    18 September 2020
    Print publication:
    17 September 2020, pp 310-317

  • 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.