Which of the Following Is Not a Reason for the Vulnerability

Multiple Choice

Which of the following is not a reason for the vulnerability of the European Exchange Rate Mechanism (ERM) to speculation in the period from 1990 to 1993?

A) The proposal to set up the European System of Central Banks (ESCB) and the European Central Bank (ECB)
B) Fears that the Danish and French voters might reject the Maastricht Treaty
C) The UK entering the ERM in 1990 with an overvalued £ and a large budget deficit
D) The removal, in 1991, of restrictions on the movement of capital within the EC