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the European Union remained capable of promoting planification, code for looking after large French companies through bailouts

Lamont thus inherited Britain's place in the EMS-ERM fixed exchange system and tried to make the best of it, seeing it also as a bulwark for pushing down Britain's inflation rate

put under pressure by the exigencies of its most powerful social groups

[...] France's treasury director at the time, a certain Jean-Claude Trichet, expressed the French authorities' hubris admirably. In a bid to refute the plain truth that the Deutsche Mark was the anchor keeping the EMS-ERM system grounded, he denied the dominance of the German currency with the extr…