Holt as prime minister was sometimes criticised for a failure to be assertive on economic matters. A major drought in 1965 had led to slowdown in growth, but he was unwilling to increase public spending in case it increased inflation. The Australian dollar – a legacy of Holt's period as Treasurer – came into circulation on 14 February 1966, less than a month after his prime ministership began. In November 1967, the British government unexpectedly announced that it would be devaluing the pound sterling by 14 percent. Holt announced that the Australian government would not follow suit, effectively withdrawing Australia from the sterling area. The decision was strongly opposed by the Country Party, who feared it would disadvantage primary industry. John McEwen, the Country Party leader, issued a public statement criticising the government, which caused a breakdown in his relations with Holt and nearly led to the collapse of the Coalition. "The Bulletin" said that the withdrawal was "quite certain to mean the end of any remaining special relationship between Australia and Britain". There were no other important economic policy reforms made by the Holt Government, although Australia did become a founding member of the Asian Development Bank in 1966.