In this small pamphlet Strange analyses the twin roles of sterling in the international economy - that of reserve currency and of vehicle currency (in which transactions are carried out), in a precursor to her typology of currencies in **Sterling and British Policy (1971)**. She argues that while the City has benefited from the expansion of the 'Euro-currency' markets, in its 'middleman' role, this has led to a number of problems for sterling both in the wider context of the international economy and, more specifically, the context of the emerging European Community. Sterling had become more vulnerable to changes elsewhere. She is sceptical about the possibility of Britain enjoying any financial benefit from joining the 'six', noting that the CAP payments and the IMF repayments together would form an unendurable strain on the exchequer.