If the euro crisis is ever to be resolved, the divide that opened up in the first decade of the single currency between creditor countries in the northern core of the 17-strong euro zone and debtor nations in the south must be closed.
The ending in 1979 of the currency union between Britain and Ireland seems not to have reduced trade across the Irish Sea.
Many feared that the euro might get caught in the crossfire of the currency war between America and China.
The logic is dubious: plenty of previous examples of a shared currency, from the Latin Monetary Union to the currency union between Britain and Ireland, managed without a shared government.
Emerging economies have also deepened their financial markets and persuaded foreigners to lend to them in their own currencies, narrowing the "currency mismatch" between their assets and liabilities.
The dissolution in 1979 of the currency union between the Irish Republic and Britain seemed to have had no significant effect on their bilateral trade.Despite such worries, researchers continued to find large trade effects from currency unions.
When it decided to divide responsibility for overseeing the stock market and the currency markets between two different institutions, the China Securities Regulatory Commission and the People's Bank of China, the government in Beijing was following Western best practices.
He said the currency fluctuation between sterling and the euro was also a factor because most of the losses are related to the Quinn company's entry into the UK market.
Finally, NX stands for net exports, that is, the currency difference between money spent on the economy's goods by foreign economies and the money spent by the domestic economy on a foreign economy's goods.
