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Introduction

In: Britain and European Monetary Cooperation, 1964–1979

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  • Kiyoshi Hirowatari

Abstract

The 1970s opened inauspiciously for Britain. The United States’ blunt decision to decouple the dollar from gold precipitated the collapse of the Bretton Woods system and resulted in a transition to currency floating in the early 1970s. At the same time, Europe moved in a different direction: it aimed at cooperation to achieve monetary stability. This polarisation, which served to amplify currency convulsions, claimed the demise of sterling as an international currency. ‘In 1960 sterling still accounted for 38 per cent of the world’s currency reserves. By 1970 this had fallen to 13 per cent, and by 1980 to only 2 per cent.’1

Suggested Citation

  • Kiyoshi Hirowatari, 2015. "Introduction," Palgrave Studies in the History of Finance, in: Britain and European Monetary Cooperation, 1964–1979, pages 1-24, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-1-137-49142-8_1
    DOI: 10.1057/9781137491428_1
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