Question

Please describe and explain the exchange rate regime of Ireland. Try to go back to before WWII as exchange rate regimes have changed. Any data or visuals can be included if helpful.

Answer 1

Before World War II, Ireland used sterling which was then replaced by local currnecy falled Saortstat Pound and was pegged to gold at 1:1 ratio. It had various denominations like shilling, farthing, halpennyy, threepence, sixpence, floring, half crown.

Post 1938, an Irish pound was established finally to avoid complications as per Decimal Currency Act.

Ireland joined European Monetary System in 1978 and then accepted Euro as its national currency due to export competitiveness and expansion of trade.