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... = 2.95 Deutsche Marks

As long as you’re in the ERM, that’s the exchange rate you’re required to maintain.

Technically, going down to about 2.778 marks is acceptable. You can’t completely fix the rate unless it’s a pure fixed-rate system.

If the pound drops any lower than that, it means the British government is obligated to step in and stabilize it.

But I wasn’t planning to mess with Britain just yet. I had another target in mind.

Do you remember the cause ...

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