England's Monetary Policy

Paper Summary:

Examines the nature of the Bank of England, England's monetary policy and the recent history of the pound. Included in this study is a look at how the value of the Pound is determined and England's position on European Monetary Union.

From the Paper:

"Many feel that much of Britain's autonomy centers on Sterling and the Bank of England. The United Kingdom was the most prominent country to have abstained from Europe's effort to create a common currency, which caused such prominent and popular political figures as Lady Margaret Thatcher to be ousted. Once a mere cog in the economic hegemony of the United States following the Bretton Woods conference, England is a currency trading powerhouse, with nearly 700 billion pounds sterling trading hands every day in London's interbank market. In that many believe or once believed the currency issue to have the ability to economically castrate Britain, the nature of the Bank of England, monetary policy, and the recent history of the Pound deserve our redress."

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