p.61 The international setting was favourable in the 1850s. By virtue of its industrial leas in coal, iron, textiles, chemicals and machinery, Britain by 1850 had become the hub of the world economy. Its proud acted as reserve currency for international settlements; the discount rate of the Bank of England was a standard followed by the other national banks. In 1846 and 1849 Britain opted for a future as an industrial nation by repealing old restrictions on trade (the Corn Laws), and sea-borne transport (the Navigation Acts). Free trade became the declared policy of Britain. The program was taken up by other European states in the years 1850-1870. By 1862 the great powers of Europe had turned the Continent into a single low-tariff area.