Under the Exchange Rate Mechanism of the European Monetary System,when the British pound depreciated below its lower limit against the German mark,the Bank of England was required to buy ________ and sell ________,thereby ________ international reserves.

Question

Quizplus · Accepted Answer

When the British pound depreciated below its lower limit against the German mark, the Bank of England was required to buy pounds and sell marks to support the pound's value, which resulted in a loss of international reserves.