Battle joined to save franc Germany, France rally to the ERM

Dealers boasted last night that they had forced the Bank of France to spend half its foreign exchange reserves yesterday to prop up the franc, which ended the day at FF3.4130 per mark against its ERM floor of FF3.4305. The growing feeling that Britain may be left out of a fast track to monetary unio...

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Published inThe Guardian (London)
Main Authors Larry Elliott, Ruth Kelly, Palmer, John
Format Newspaper Article
LanguageEnglish
Published Manchester (UK) Guardian News & Media Limited 24.09.1992
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Summary:Dealers boasted last night that they had forced the Bank of France to spend half its foreign exchange reserves yesterday to prop up the franc, which ended the day at FF3.4130 per mark against its ERM floor of FF3.4305. The growing feeling that Britain may be left out of a fast track to monetary union was reinforced by the Foreign Office minister, Douglas Hogg, who said Britain would not rejoin the ERM until European economies were "converging rather more". Analysts said the markets had turned on the franc following their success in forcing the pound and the lira out of the ERM last week and there were unconfirmed rumours yesterday that the EC was planning an emergency meeting of finance ministers to discuss a possible currency realignment.
ISSN:0261-3077