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:
“Louise, something in me tightens when an American intellectual’s eyes shine, and they start to talk to me about the Russian people. Something in me says, Watch it, a new version of Irish Catholicism is being offered for your faith.”
—Warren Beatty (b. 1937)
“The age demanded and image
Of its accelerated grimace,”
—Ezra Pound (1885–1972)
“If he have faith, the believer cannot be restrained. He betrays himself. He breaks out. He confesses and teaches this gospel to the people at the risk of life itself.”
—Martin Luther (1483–1546)
“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)
“The great difficulty is first to win a reputation; the next to keep it while you live; and the next to preserve it after you die, when affection and interest are over, and nothing but sterling excellence can preserve your name. Never suffer youth to be an excuse for inadequacy, nor age and fame to be an excuse for indolence.”
—Benjamin Haydon (1786–1846)