U.K.'s Norman Lamont Looks Back on 'Black Wednesday'

The transcript discusses the events surrounding Britain's exit from the ERM, highlighting the initial realization of the economic situation, the decision-making process to exit, and the broader European context. It emphasizes the impact on currency and reserves, and concludes with the long-term economic benefits, including reduced inflation and a competitive economy.

What was the speaker's reaction to the unchanged currency after raising interest rates?

• He felt relieved.

• He compared it to a successful surgery.

• He felt like a surgeon realizing a patient was dead.

• He was indifferent.

What is often overlooked about Britain's exit from the ERM?

• Only Britain faced economic challenges.

• It was a unique British event.

• Britain was the first to devalue.

• It was part of a larger European event.

Which countries did not devalue their currency during the ERM crisis?

• Denmark and Belgium

• Italy and Denmark

• Denmark and Luxembourg

• Belgium and Italy

What was one of the benefits of Britain's time in the ERM according to the speaker?

• It increased inflation.

• It caused a recession.

• It led to a competitive economy.

• It had no significant impact.

Who were the chief beneficiaries of the economic changes post-ERM exit?

• Winston Churchill and Neville Chamberlain

• Margaret Thatcher and John Major

• David Cameron and Theresa May

• Gordon Brown and Tony Blair