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:
“If anyone else has reason to be confident in the flesh, I have more: circumcised on the eighth day, a member of the people of Israel, of the tribe of Benjamin, a Hebrew born of Hebrews; as to the law, a Pharisee; as to zeal, a persecutor of the church; as to righteousness under the law, blameless.”
—Bible: New Testament, Philippians 3:4-6.
“One of the benefits of a college education is, to show the boy its little avail.”
—Ralph Waldo Emerson (1803–1882)