The York Research Database

The article makes a contribution to the analysis of national states In the global economy through the lenses of the British political arena. In the 1990s, the British state has sought to underwrite its anti-inflationary stance, firstly through membership In the European Exchange Rate Mechanism (1990-92) and, secondly, by moving from 1992 onwards towards a "soft" model of central bank independence. The paper argues that the means adopted Involved an attempt to "externalize" or "depoliticize" government policy by shifting responsibility for Its consequences on to an international regime or "independent" body. These issues are analysed in class terms.