Following the November 1967 sterling devaluation, the British Labour government of Harold Wilson struggled to defend the new exchange rate of £1 = $2.40. Sterling's travails continued throughout 1968 and well into 1969 despite growing evidence that the external balance was moving into the black. Its problems arose from external difficulties, notabl...
Context in source publication
... process had led to an accumulation of dollars in the world economy, some of which were held by the central banks of surplus countries such as West Germany or France. Others were deposited in private banks, many of them in London, 1963 1964 1965 1966 1967 1968 1969 and became known as "Eurodollars" (see Figure 1, above). They remained acceptable to the holders because of the dollar's convertibility into gold at $35 an ounce; but by the early 1960s, there were increasing anxieties on the part of the Americans themselves and their creditors that American liabilities far exceeded the reserves available to honour such obligations. ...
Review of periodical literature (journal articles) about economic and social history of Britain and Ireland in the period 1500-1700 which was published in 2013