Member Benefits
At the end of WWII the sterling area was the largest and most coherent currency bloc in the world, and it provided its members with full freedom of payments. Members enjoyed the benefits of stable exchange rates and permanent access to the financial resources of the City of London. Meanwhile, the British government was able to use the pooled reserves of the entire area's membership to back sterling at times when there was a US dollar shortage.
Read more about this topic: Sterling Area
Famous quotes containing the words member and/or benefits:
“When I reach the shades at last it will no doubt astonish Satan to discover, on thumbing my dossier, that I was a member of the Y.M.C.A.”
—H.L. (Henry Lewis)
“While greedy good-doers, beneficent beasts of prey,
Swarm over their lives enforcing benefits ...”
—Robert Frost (1874–1963)