Word: ermes
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Dates: during 1992-1992
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Last month denial became impossible. Europe's exchange-rate mechanism exploded, and somewhere in the rubble lies Maastricht. What happened? The ERM tied E.C. currencies to the German mark. But much of Europe -- notably Britain and Italy -- was unable to keep up. The German central bank had jacked up interest rates to dampen the inflation caused by huge deficit spending on eastern Germany. The weaker E.C. countries had a choice: a) match Germany's high interest rates and risk both deep recession and political suicide; or b) drop out of the ERM. Not surprisingly, they chose...
After the ERM debacle, it is clear that the grand vision of a federal Europe is an illusion. What then does Europe...
...extent to which fear and loathing still hold Europe in their grip is also demonstrated by the current crisis in the European Exchange Rate Mechanism (ERM). This crisis, which in the past two weeks has seen the British pound and Italian lira suspended from the ERM, the Spanish peseta significantly devalued, and the French franc under serious attack, has brought out of the closet all of the chauvinist habits of the pre-war years...
...highest officials of the British government have accused Germany of a "whispering campaign" and conspiracy to push the pound sterling out of ERM. They have also charged that this campaign is part of a "secret pact" between the French and German governments to go ahead with Maastricht over the objections of their European partners, not to mention substantial sections of their own populations...