Telerate FX Conference Speakers Pronounce ERM Dead On Arrival

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Speakers at the third annual Dow Jones Telerate foreign exchange conference in London last week conducted what was in essence a funeral service for the European Monetary System and its Exchange Rate Mechanism (ERM) - although some suggested the ERM might still have an afterlife in European Monetary Union (EMU).

The conference, this year entitled "The Foreign Exchange Market: Who's in Control?", featured such luminaries as former Chancellor of the Exchequer Norman Lamont, Bank of England assoc