Sterling's Managed Float: The Operations of the Exchange Equalisation Account, 1932-1939

In the period between 1932 and 1939, a significant chapter unfolds in the history of Britain's monetary policy, focused on the operations of the Exchange Equalisation Account. Delving into the intricacies of how the British government managed its currency through fluctuating exchange rates, Susan Howson meticulously examines the strategies that shaped the economy during tumultuous times. Her analysis provides a clear view of the mechanisms employed to stabilize the British pound in the face of global challenges.

The narrative captures a blend of economic theory and practical application, revealing the decision-making processes that influenced international finance. Howson draws on a wealth of archival sources, presenting a detailed account of the administrative challenges and successes that arose from managing a flexible exchange rate system. This exploration not only sheds light on historical economic practices but also invites readers to reflect on the lasting implications for contemporary monetary policy.