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1 results

  • 10 - Great Leap in the Dark

  • Harold James, Princeton University, New Jersey
  • Book:
    Making a Modern Central Bank
    Published online:
    18 September 2020
    Print publication:
    17 September 2020, pp 255-266

  • Summary

    The Governor of the Bank of England, Robin Leigh-Pemberton, played a surprisingly prominent role in the drafting of the Delors Report 1988–1989, a report that laid down a blueprint for a three stage move to European Monetary Union. The Treasury was very sceptical of the plan, and Margaret Thatcher was appalled: she never forgave Leigh-Pemberton for what she saw as a betrayal. Leigh-Pemberton pressed for a premature conclusion of the Delors Committee meetings and the publication of the report in April 1989 because he feared that a Financial Times leak of the draft would make his position unsustainable in face of the Prime Minister’s opposition. There is a large measure of irony in the way in which the Governor of the Bank of England became a key architect of the single European currency, the Euro.