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When the UK ended the ERM, they stopped backing the currency. The UK does not back the pound, the pound does whatever the market wants it to do.
by whatshisface 4y ago
When the UK ended the ERM, they stopped backing the currency. The UK does not back the pound, the pound does whatever the market wants it to do.
- lottin 4y agoNot entirely. Central banks try to ensure price stability via monetary policy.