欧州為替相場メカニズム
Work by Minford’s Liverpool team on exchange rates was influential in the 1990s Exchange Rate Mechanism debate and the 2000s debate over joining the euro. Minford was against Nigel Lawson's policy of pound sterling shadowing the Deutschmark. He was also against Britain joining the European Exchange Rate Mechanism because he thought it was having a bad effect on recovering from recession and keeping down interest rates.