Exchange Equalisation Account
The Exchange Equalisation Account (EEA) is the fund of Her Majesty's Treasury in the UK holding the country's reserves of foreign currencies, gold, and special drawing rights. It can be used to manage the value of the pound sterling on international markets.
The EEA was established by Neville Chamberlain's budget of 19 April 1932 following the pound's exit from the gold exchange standard the previous September.
The Exchange Stabilization Fund is a similar fund operated by the US Treasury since 1934. It was created as a response to the EEA.[1]
References
- ^ Anna J. Schwartz. "IMF's Origins as a Blueprint for Its Future".
References
- JMK and the Fourth Grand Monetary Discussion, by Geoff Tily (2005)
- IMF’s Origins as a Blueprint for Its Future by Anna J. Schwartz
External links
- Exchange Equalisation Accounts index at HM Treasury website
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