This is part 2 of my article. You can read part 1 by clicking HERE or just check out my profile. Here’s where we left off our story last time. September 4th 1992 As Europe’s Crisis intensifies, Europe’s Finance Ministers and Central Bankers gather in London for a meeting. Norman Lamont’s job was to convince Helmut Schlesinger, the President of the Bundesbank, to lower German rates. On an awkward dinner meeting, Norman Lamont bluntly asked Helmut Schlesinger to cut interest rates the very next Monday. There was no introduction, it sounded more like a demand asking for a favour. The Bundesbank President wouldn’t agree to a cut in German interest rates. Four times Norman Lamont repeated his request.Helmut SchlesingerHelmut Schlesinger recalls how he felt in that moment: ‘’As a member of the Bundesbank one is an independent person, one cannot be treated as an employee. It’s not possible. I cannot accept it. And I thought he’s not my master. I must bring this exercise to an end’’.As a furious Schlesinger prepared to storm out, Germany’s finance minister intervened and asked Norman Lamont to end the discussion. Schlesinger made it clear to the British that they had to either increase int…
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