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

The Legacy of Delors

Published online by Cambridge University Press:  18 September 2020

Harold James
Affiliation:
Princeton University, New Jersey
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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.

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Chapter
Information
Making a Modern Central Bank
The Bank of England 1979–2003
, pp. 310 - 317
Publisher: Cambridge University Press
Print publication year: 2020

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