On 5 October 1990, Britain entered the ERM: on 16 September 1992, 'Black Wednesday', Britain left the ERM. These two events and the years between them were crucial in recent British politics. They are the source of the divisions in the contemporary Tory Party and all the leading participants are obliged to state and restate what they said and did then in much the same way that the members of an earlier Tory generation had to spell out the position they'd taken over Munich. And just as Chamberlain's deal at Munich was immensely popular for a short time and then reviled, so the conventional wisdom in October 1990 was that the ERM was a fine thing (our entry was acclaimed by the whole of the press as well as by Neil Kinnock and John Smith): a view which held until, roughly, September 1992, when the conviction grew on all sides that it had been a colossal mistake. Few will argue with John Major's asssumption that the 1997 election was lost on Black Wednesday. But when the conventional wisdom shifts so fast the temptation for a politician to retouch his (or her) biography must be close to overwhelming.

LRB 9 December 1999 | PDF Download