Archive (Lawson memoirs)

Economy: Reagan letter to Thatcher (sterling crisis) [published 1992]

Document type: Declassified documents
Venue: Washington
Source: Nigel Lawson The View from Number 11 (London, 1992), p473
Editorial comments: Extract only. Dated from a copy of the full (unreleased) text in the Thatcher MSS. MT had written to the President the previous day. Her letter remains classified.
Importance ranking: Major
Word count: 118 words
Themes: Economic policy - theory and process, Monetary policy, Foreign policy (USA), MT contacts with Ronald Reagan
Regarding your message on the pound. We understand your concern, and recognise that on occasion disorderly markets may develop. We take seriously our joint commitment made at the Williamsburg Summit which, as you recall, was to pursue closer consultation on policies affecting exchange rates and on market conditions. In that connection, we also discussed coordinated intervention where it was agreed such intervention would be helpful. Secretary Regan will be prepared this Thursday to discuss the current and prospective exchange market situation and related issues with Chancellor Lawson and the other G5 Finance Ministers. I have asked Secretary Regan to give me a full report on the meeting on Friday morning. I look forward to seeing you in February.