1992–1993 ERM crisis

E123264

currency crisis event financial crisis speculative attack

The 1992–1993 ERM crisis was a major speculative attack on several European currencies that forced devaluations and withdrawals from the Exchange Rate Mechanism, reshaping the path toward European monetary integration.

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All labels observed (5)

Label	Occurrences
1992–1993 ERM crisis canonical	2
1992 Black Wednesday	1
Black Wednesday	1
Black Wednesday and subsequent economic debates	1
United Kingdom withdrawal from the ERM	1

Statements (49)

Predicate	Object
instanceOf	currency crisis ⓘ event ⓘ financial crisis ⓘ speculative attack ⓘ
appliesToJurisdiction	Denmark ⓘ European Economic Community ⓘ surface form: European Community France ⓘ Germany ⓘ Ireland ⓘ Italy ⓘ Portugal ⓘ Spain ⓘ United Kingdom ⓘ
cause	German high interest rate policy after reunification ⓘ divergent monetary policies in Europe ⓘ market doubts about sustainability of fixed exchange rates ⓘ speculative attacks on European currencies ⓘ tensions within the European Exchange Rate Mechanism ⓘ
describedBySource	academic literature on currency crises ⓘ central bank publications in Europe ⓘ reports of the European Commission ⓘ
endTime	1993 ⓘ
followedBy	introduction of the euro ⓘ
hasEffect	changes in national monetary policy frameworks ⓘ creation of ERM II framework later in the 1990s ⓘ devaluation of several European currencies ⓘ greater emphasis on central bank independence in Europe ⓘ increased exchange rate volatility in Europe ⓘ loss of foreign exchange reserves by central banks ⓘ political tensions among European Community member states ⓘ reassessment of the path toward Economic and Monetary Union ⓘ revisions to ERM design ⓘ strengthening of the case for a single European currency ⓘ temporary suspension of normal ERM rules ⓘ widening of ERM fluctuation bands ⓘ withdrawal of some currencies from the Exchange Rate Mechanism ⓘ
hasPart	1992–1993 ERM crisis self-linksurface differs ⓘ surface form: 1992 Black Wednesday
mainSubject	European Monetary System ⓘ surface form: European monetary integration Exchange Rate Mechanism ⓘ
partOf	history of European integration ⓘ history of the European Exchange Rate Mechanism ⓘ
significantEvent	August 1993 widening of ERM bands to ±15 percent ⓘ French franc speculative pressures ⓘ Irish pound devaluation ⓘ Italian lira devaluation and suspension from the ERM ⓘ Portuguese escudo devaluation ⓘ Spanish peseta devaluations ⓘ 1992–1993 ERM crisis self-linksurface differs ⓘ surface form: United Kingdom withdrawal from the ERM
startTime	1992 ⓘ

Referenced by (6)

Full triples — surface form annotated when it differs from this entity's canonical label.

European Monetary System → significantEvent → 1992–1993 ERM crisis ⓘ

Autobiography "John Major: The Autobiography" → describesEvent → 1992–1993 ERM crisis ⓘ

subject surface form: John Major: The Autobiography

this entity surface form: Black Wednesday

ERM → significantEvent → 1992–1993 ERM crisis ⓘ

1992–1993 ERM crisis → hasPart → 1992–1993 ERM crisis self-linksurface differs ⓘ

this entity surface form: 1992 Black Wednesday

1992–1993 ERM crisis → significantEvent → 1992–1993 ERM crisis self-linksurface differs ⓘ

this entity surface form: United Kingdom withdrawal from the ERM

UK Parliament 1992–1997 → notableEvent → 1992–1993 ERM crisis ⓘ

this entity surface form: Black Wednesday and subsequent economic debates