Britain’s forced departure from the exchange rate mechanism of the European Monetary System on 16 September 1992 was a landmark in UK and European economic history. Prime Minister Liz Truss, in office for just 10 days, faces extensive challenges with loyal, largely untried ministers. Here are six lessons from 30 years ago that she and other policy-makers should be heeding.
 ECB’s transmission protection instrument may lead to further crises By Thomas Mayer The TPI has worrisome similarities with the European exchange rate mechanism, where the chaining together of exchange rates of structurally different EU countries led to recurring crises, of which Black Wednesday was only one of many.Â
 MEETINGS Future of the euro area: navigating uncertainty Wednesday 5 October, Seminar This high-level seminar will discuss policy responses to rising inflation in the euro area, which continues to reflect surging energy and food prices, exacerbated by Russia’s invasion of Ukraine.Â
 ON DEMAND Prospects for emerging markets Ayhan Kose, chief economist and director of the prospects group in the equitable growth, finance and institutions practice group of the World Bank, joins Mark Sobel, US chair, OMFIF, for a broad discussion on the global macroeconomic outlook. Â
