Britain’s Europe and the Economic Consequences of German Reunification

Kim, Seung Woo (författare)

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This paper analyses the economic consequences of German reunification upon the British economy. In the post-war period, Britain was reluctant on to the European project integration owing to alternatives of the Commonwealth and the Atlantic alliance with the USA. And the City of London took the US dollar for its revival as the international financial centre. It was not until the late 1980s when the City and Britain accelerated their paths towards European integration. However, the German reunification frustrated the efforts. In order to appease the Eurosceptic Germans, the City lost the competition to Frankfurt in the race to invite the European central bank. And the entry into the European Monetary System resulted in the exchange crisis of sterling in September 1992. Such experiences galvanised the Euroscepticism in Britain.

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