Abstract
ETWEEN SEPTEMBER 1992 and August 1993, the European Monetary System (EMS) went through the most serious crisis since its start in 1979. Member countries cross-pegging their exchange rates in the framework of the Exchange Rate Mechanism (ERM) were confronted with a string of speculative currency attacks. Associated with these attacks were five realignments and the suspension of two major currencies—the Italian lira and the British pound—from the ERM. The situation eased off only when the fluctuation margins were widened considerably in August 1993.
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