ON THIS DAY- This day in 1990 was Britain’s first as a full member of the European Monetary System’s Exchange Rate Mechanism (ERM). The system required member states to keep their currency value tied to the German mark, requiring them to adopt German anti-inflation policies, with a view to eventual monetary union. In 2003 Arnold Schwarzenegger was elected governor of California, ousting the incumbent, Gray Davis, three years before his term was due to end. On this day in 2015, the FX crunch was worsening as central bank reserves tumbled to USD 16.34 bn. A symptom of the crunch was the disappearance of hepatitis-C medication Sovaldi.