1992 ERM Crisis and the Resulting Currency Floats in Europe (1992-1999)

1. UK enters the Exchange Rate Mechanism

   Oct 8, 1990Labels: United Kingdom, ERM

   • UK Parliament

2. Maastricht Treaty is signed in Europe

   Feb 7, 1992Labels: Maastricht Treaty, European Community

   • Britannica
   • EU Parliament

3. Danish referendum rejects Maastricht Treaty

   Jun 2, 1992Labels: Denmark, Maastricht Treaty

   • CVCE

4. Italian lira is devalued within ERM

   Sep 14, 1992Labels: Italy, lira

   • UPI

5. UK exits ERM on “Black Wednesday”

   Sep 16, 1992Labels: United Kingdom, Black Wednesday

   • BoE Database
   • Wikipedia

6. Italy stops defending lira; pound and lira float

   Sep 17, 1992Labels: Italy, lira

   • UPI

7. Spain devalues peseta to stay in ERM

   Sep 17, 1992Labels: Spain, peseta

   • UPI

8. France narrowly approves Maastricht in a referendum

   Sep 20, 1992Labels: France, Maastricht Treaty

   • UPI
   • Wikipedia

9. Sweden abandons fixed rate and floats krona

   Nov 19, 1992Labels: Sweden, krona

   • Riksbank
   • UPI

10. Ireland devalues punt but remains in ERM

    Jan 31, 1993Labels: Ireland, punt

    • UPI

11. ERM bands are widened to ±15 percent

    Aug 1, 1993Labels: ERM, European finance

    • Independent
    • Washington Post

12. ERM II launches as euro era begins

    Jan 1, 1999Labels: ERM II, euro

    • ECB Speech