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10 - Great Leap in the Dark

The Bank, the Delors Committee and the Euro

Published online by Cambridge University Press:  18 September 2020

Harold James
Affiliation:
Princeton University, New Jersey
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Summary

The Governor of the Bank of England, Robin Leigh-Pemberton, played a surprisingly prominent role in the drafting of the Delors Report 1988–1989, a report that laid down a blueprint for a three stage move to European Monetary Union. The Treasury was very sceptical of the plan, and Margaret Thatcher was appalled: she never forgave Leigh-Pemberton for what she saw as a betrayal. Leigh-Pemberton pressed for a premature conclusion of the Delors Committee meetings and the publication of the report in April 1989 because he feared that a Financial Times leak of the draft would make his position unsustainable in face of the Prime Minister’s opposition. There is a large measure of irony in the way in which the Governor of the Bank of England became a key architect of the single European currency, the Euro.

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Chapter
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Making a Modern Central Bank
The Bank of England 1979–2003
, pp. 255 - 266
Publisher: Cambridge University Press
Print publication year: 2020

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  • Great Leap in the Dark
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.010
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To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • Great Leap in the Dark
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.010
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Great Leap in the Dark
  • Harold James, Princeton University, New Jersey
  • Book: Making a Modern Central Bank
  • Online publication: 18 September 2020
  • Chapter DOI: https://doi.org/10.1017/9781108875189.010
Available formats
×