Irish Pound Breaks Parity With Pound Sterling
To participate in the ERM, Ireland had to break the Irish pound's parity with the pound sterling in 1979, because the pound sterling, which was not an ERM currency, appreciated against all ERM currencies shortly after the launch of the ERM. The continued parity between the Irish pound and the pound sterling would have taken the Irish pound outside its agreed band. To fulfil the ERM conditions, the Irish government was required to break the parity of the Irish pound with the pound sterling.
Read more about this topic: European Exchange Rate Mechanism
Famous quotes containing the words irish, pound, breaks, parity and/or sterling:
“Hindered characters
seldom have mothers
in Irish stories, but they all have grandmothers.”
—Marianne Moore (1887–1972)
“he had been born
In a half savage country, out of date;
Bent resolutely on wringing lilies from the acorn;”
—Ezra Pound (1885–1972)
“Who breaks a butterfly on a wheel?”
—Alexander Pope (1688–1744)
“The U.S. is becoming an increasingly fatherless society. A generation ago, an American child could reasonably expect to grow up with his or her father. Today an American child can reasonably expect not to. Fatherlessness is now approaching a rough parity with fatherhood as a defining feature of American childhood.”
—David Blankenhorn (20th century)
“[Research has found that] ... parents whose children were “baby altruists” by two years firmly prohibited any child aggression against others. Adults not only restated their rule against hitting, for example, but they let the little one know that they would not tolerate the child hurting another.”
—Alice Sterling Honig (20th century)