White Wednesday

White Wednesday in Europe

Description of White Wednesday

The Concise Encyclopedia of the European Union describes white wednesday in the following terms: [1] On 16 September 1992 a crescendo of currency speculation culminated in the withdrawal of the pound and the lira from the ERM and the devaluation of the peseta. Since this spelled the ruin of Prime Minister John Major’s policy of tying sterling to the D-Mark zone, it was initially called Black Wednesday, the more so as millions had been spent on foreign exchange markets trying to prop up the pound. Later, as the new-found freedom assisted the UK’s recovery from recession and the predicted inflation failed to occur, the day came to be reassessed and is now equally often known as White Wednesday.

White Wednesday and the European Union

Resources

See Also

  • Black Wednesday

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Notas y References

  1. Based on the book “A Concise Encyclopedia of the European Union from Aachen to Zollverein”, by Rodney Leach (Profile Books; London)

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