 Determined intervention and loan arrangements protected the participating currencies from greater exchange rate fluctuations.United Kingdom Chancellor of the Exchequer Denis Healey reportedly chose not to join the ERM in 1979 owing to concerns that it would benefit the German economy by preventing the Deutsche mark from appreciating, at the expense of the economies of other countries.The UK did later join the ERM in October 1990 under Chancellor John Major, in a move which at the time was largely supported by business and the press.