By Kiyoshi Hirowatari
This booklet offers a distinct standpoint at the decline of sterling and Britain's responsive monetary policy-making within the 1960's and '70s.
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Additional resources for Britain and European Monetary Cooperation, 1964–1979
Part II considers the way the Labour Party attempted to reconcile its policy paradigms with European movements towards monetary integration amid the powerful forces of destabilising capital in the mid-1960s, and then offers insight into the 1976 IMF crisis as the denouement of the decline of sterling. The conclusion, pulling together some of the analytical strands in Parts I and II, considers the implications of Britain’s struggle for a European approach to sterling in two lights: monetary diplomacy and external economic policy.
It seems so, particularly for the Introduction 23 British policy-makers, whose memories of ‘the inter-war misfortunes’ were close to their hearts. This did not inveigle them into looking for the rehabilitation of agency in history: – in other words, laissez-faire. Paradoxically, ‘the powerful forces of global capitalism’ were the cumulative effect of what Britain had hitherto pursued. While the dash for market convertibility cultivated the growth of the forward exchange market, international ﬁnancial cooperation, allowing the life extension of the key currencies, drew most of the blame for fostering the dynamic ‘deterritorialization’ of the two reserve currencies.
131 Furthermore, against the backdrop of ‘a spirit of broad and willing cooperation’ was the United States’ neglect of the pursuit of ‘a reasonably balanced payments position’. The spirit of cooperation trumped discipline, with discipline tempered by national interest. This led to the dollar’s overﬂow and its ‘deterritorialization’ in the form of the growth of the Eurodollar market. 132 To paraphrase, although sterling–dollar diplomacy did not fully enable Britain to maximise its gains, it did contribute to minimising external constraints on Britain’s actions.
Britain and European Monetary Cooperation, 1964–1979 by Kiyoshi Hirowatari