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Gresham College: Prof. Vernon Bogdanor – Postwar Political Crises in Britain – #5/6 – 1992 Leaving the ERM


This series from 2015 is most interesting, even if you do not necessarily accept Bogdanor’s perceptions and interpretations of the events.

About this series

A series of lectures to analyse six political crises since 1945, crises which shook the British political system.

This lecture

In October 1990, in the last days of her premiership, Margaret Thatcher announced, against her better judgement, that Britain would join the exchange rate mechanism of the European Monetary System (ERM), precursor to the euro. In September 1992, during John Major’s premiership, Britain found herself unable to sustain membership and left the ERM. This had fundamental consequences for the Conservative Party, destroying its reputation for sound economic management, and legitimising euroscepticism, so making it less likely that Britain would join the euro.

Vernon Bogdanor CBE

Vernon Bogdanor CBE is Emeritus Gresham Professor of Law, current Visiting Gresham Professor of Political History, Research Professor at King’s College London, a Fellow of the British Academy and an Honorary Fellow of the Institute of Advanced Legal Studies. Prior to 2010, Professor Bogdanor was a Fellow of Brasenose College and Professor of Government at Oxford University.

He has been an adviser to a number of governments, including those of the Czech Republic, Hungary, Kosovo, Israel and Slovakia. His books include The People and the Party System, Multi-Party Politics and the Constitution, Power and the People, and Devolution in the United Kingdom. He is a frequent contributor to TV, radio and the press and is a sometimes special advisor to the House of Lords Select Committee on the European Communities (1982-83), and the House of Commons Public Service Committee. Most recently he was awarded the Sir Isaiah Berlin Prize for Lifetime Contribution to Political Studies by the Political Studies Association.

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