The euro hit a new low of below 94 US cents at the beginning of March 2000. The euro sank to a value of 61p, a rate which the governor of the Bank of England said was unsustainable. The UK’s brief membership of Exchange rate mechanism was at a rate of 70p which was subsequently considered too low.
The euro’s problems were partly blamed on soaring oil prices. Brent crude jumped to $31.33 a barrel.
[2000]