Which central bank became famous for its 1992 defense of the pound during Black Wednesday?

The Bank of England became famous for its 1992 defense of the pound during Black Wednesday.

On September 16, 1992, the United Kingdom withdrew the pound sterling from the European Exchange Rate Mechanism after failing to keep the currency within its permitted band. The day became known as Black Wednesday, or White Wednesday from the perspective of critics of the policy.

The Bank of England and the British government had raised interest rates and intervened in foreign-exchange markets to support the pound. Speculators, including George Soros’s fund, bet that the exchange-rate commitment could not be maintained. The United Kingdom eventually suspended its ERM membership and allowed sterling to fall.

Black Wednesday was primarily a currency crisis rather than a conventional share-market crash, but it became a landmark example of market pressure overwhelming a fixed exchange-rate policy. The episode also influenced later arguments about Britain’s relationship with European monetary integration.