Bank Of England Governor Opposes Return To ERM Narrow Bands, EMU


Bank of England Governor Eddie George came out strongly against a return to narrow bands in the Exchange Rate Mechanism and a single European currency, at least for the present, in his address to Forex '94 in London on June 4. He also expressed the view that risks in the derivatives market are less than have been suggested and defended FX market players against charges that "speculators" have been responsible for destablising European currencies.

George said that internal price stability is