ERM’s 1992 crisis offers lessons for today, academics say

Barry Eichengreen, Maurice Obstfeld and Richard Portes discussed “accident waiting to happen”

European Union flag

The European Exchange Rate Mechanism’s 1992 crisis shows what happens when an inherently weak system is hit by speculators’ attacks, several leading economists said.

The economists were attending an October conference, organised by the Centre for Economic Policy Research to mark the thirtieth anniversary of the ERM crisis.

The ERM was introduced in 1979 to limit exchange rate fluctuations between its European member countries. Its initial members included Belgium, France, Germany, Ireland

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