Another, no less important, consequence had been the outstanding role assumed by the pound sterling among the world's reserve currencies.
The changes undermining the global leadership of the pound sterling had started already in the pre-1914 world.
The pound sterling, on the other hand, emerged from the war as a paper currency with a strongly fluctuating dollar rate well below the pre-war (parity) level.
I have yet to see any convincing argument for unilateral devaluation of the pound sterling.
It was firmly linked to the pound sterling from its inception in 1921 until about 10 years ago.
Then we had a devaluation of the pound sterling, which was not so hot.
What is the pound sterling worth today in purchasing power?
No single step can do more to strengthen the pound sterling.
