Wray, L. Randall - Levy Economics Institute - 2012
had given up its own currency in favor of what is essentially a foreign currency-the euro, which is issued by the European … Central Bank (ECB). Every euro issued in Ireland is ultimately convertible, one to one, to an ECB euro. There is neither the … possibility of depreciating the Irish euro nor the possibility of creating ECB euros as necessary to meet demands for clearing …