Back in 1979, Europe launched what was called the Exchange Rate Mechanism, or ERM.
These three capabilities are present at companies implementing a value-based ERM program.
Now I'm too young to remember Britain coming off the gold standard or even the devaluation of 1967, but I do remember the ERM crisis.
The First Minister said he would, but the rate would have to be at the right level, citing the pounds early exit from the ERM in 1992.
Sir Alan also quit and under John Major, the new chancellor, the UK joined the ERM in October 1990.
Unfortunately, most companies do not have a value-based ERM program in place.
Poland, for its part, failed to qualify because of doubts that it could control its budget deficit and worries that it owed its low inflation to the rise in the zloty (which was not in ERM-2).
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This would exclude Britain and Spain because at present they have extra wide ERM margins of 6%.
The stronger aspirants, Poland and the Czech Republic, have distanced themselves from calls by troubled Hungary (like Latvia, an IMF supplicant) to shorten the qualifying period in ERM-2 from two years.
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The UK crashed out of the ERM on Black Wednesday, 16 September 1992.
It was the night the pound was forced out of the ERM by its plunging value in the currency markets.
Which is, erm, exactly what we would expect of something inelastic.
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Even so, it is likely to draw the same lesson from this crisis as it did from the ERM expulsion in 1992: that devaluation is a good thing.
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One problem though, it's powered by lithium ion batteries, which have a potential to, erm, explode (if built by Sony, anyway).
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Having been opposed to the Conservative government's decision to join the European exchange rate mechanism (ERM), he had to deal with "Black Wednesday".
Consequently, squeezed out of buying media the legal way, consumers have found themselves drawn to the, erm, grayer end of the market to sate their entertainment needs.
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Michael: Erm the youngest is erm, erm, erm, five and the eldest is, is, the oldest is, is 11.
Other currencies across the ERM suffered as much or more, with Ireland and Portugal among the countries devaluing their currencies.
We should have adjusted our exchange rate within the ERM to a more realistic one, just as every other country entering the project had done when necessary.
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