Exchange Equalisation Account
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The Exchange Equalisation Account (EEA) is the fund of Her Majesty's Treasury in the UK holding the country's reserves of foreign currencies, gold, and Special Drawing Rights. It can be used to manage the value of the pound sterling on international markets.
The EEA was established by Neville Chamberlain's budget of April_19, 1932 following the pound's exit from the gold exchange standard the previous September.
The Exchange Stabilization Fund is a similar fund operated by the US Treasury since 1934, which may have been created as a response to Britain's EEA.
References
- [JMK and the Fourth Grand Monetary Discussion], by Geoff Tily (2005)
- [IMF’s Origins as a Blueprint for Its Future] by Anna J. Schwartz
External links
- [Exchange Equalisation Accounts index] at HM Treasury website
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