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:
“For love ... has two faces; one white, the other black; two bodies; one smooth, the other hairy. It has two hands, two feet, two tails, two, indeed, of every member and each one is the exact opposite of the other. Yet, so strictly are they joined together that you cannot separate them.”
—Virginia Woolf (1882–1941)
“When your parents are in political life, you aren’t normal. Everybody talks about the benefits, but I don’t know what the benefits are.... But I’d rather have that kind of mother than an overweight housewife.”
—Katherine Berman Mariano (b. 1957)