Since Britain withdrew from the ERM in 1992, what has it done with regard to fixing its exchange rates?

A) Britain has joined with the euro, forgoing its long-standing independence.
B) Britain has put the pound back on solid footing by backing it with gold.
C) Britain has retained its independent pound currency and not joined the currency union of Europe.
D) Britain has abandoned its own monetary authority for the certainty of fixed exchange rates with its largest trading partners.

Ans: C) Britain has retained its independent pound currency and not joined the currency union of Europe.