Does Depoliticisation Work? Evidence from Britain's Membership of the Exchange Rate Mechanism, 1990–92

The concept of depoliticisation has become increasingly popular in recent years, but empirical studies into depoliticisation policies have been less prevalent. Absent from the literature, too, are any clearly delineated criteria by which the success or failure of such policies might be assessed. This article attempts to address these issues through an examination of Britain's membership of the Exchange Rate Mechanism from 1990 to 1992. In contrast to the conventional view of this episode, in which it is seen as a policy disaster, it is argued that as a policy of depoliticisation ERM membership was a relative success.