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Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERM I), following a failed attempt to keep its exchange rate above the lower limit required for ERM participation.
Aug 15, 2022 · Black Wednesday refers to September 16, 1992, when a collapse in the pound sterling forced Britain to withdraw from the European Exchange Rate Mechanism (ERM). Because of his role in Black ...
- Will Kenton
What is Black Wednesday and why does it matter? What happened to the pound on Black Wednesday? How does Black Wednesday relate to Brexit?
- Joshua Warner
- Analyst
Jul 10, 2023 · George Soros is said to have "broken" the Bank of England and precipitated "Black Wednesday" in the U.K. in September 1992 as a result of massive bets he made against the British pound.
Sep 15, 2022 · But the true legacy of Black Wednesday is that it was the day the state fought the markets, and the markets won. Financial markets grasped power, and few have dared to challenge them since.
- Alexis Stenfors
Jul 19, 2023 · IEA research Black Wednesday: A Re-examination of Britain’s Experience in the Exchange Rate Mechanism has been quoted in IG’s piece explaining Black Wednesday. “A slightly cruel summary of it would be to say that we went into the ERM in despair and left in disgrace.
Feb 7, 2005 · Philip Stephens: The legacy of Black Wednesday. Some say that the speculators’ victory all those years ago partly explains why Blair rather than Brown is Britain’s prime minister, writes ...
