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The vulnerability of pegged exchange rates: the British pound in the ERM. (exchange rate mechanism)
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The near collapse of the European Monetary System (EMS) in 1992-93 marked by a succession of speculative currency attacks on member countries shows the vulnerability of pegged exchange rates. Analysis of the British episode in the EMS crisis indicates that a speculative attack is influenced by the market's expectation of a shift in central bank policy in response to the attack. Advocates of pegged exchange rates contend that exchange rate pegging provides a credible anchor for monetary policy. However, this approach has been criticized in view of self-fulfilling speculative attacks.
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