Isabelle Mateos y Lago’s article (“Greenback sits atop a worldwide financial order shaken by sanctions”, Opinion, July 20) resonates with Eire’s previous experiences in coping with financial sanctions and “frozen” forex reserves.
When our UK neighbour devalued the pound in 1967, this motion additionally devalued Eire’s exterior forex reserves which have been held, primarily, in sterling. The outcome was Eire diversified a lot of its forex reserves into non-sterling currencies and gold to guard itself in opposition to any future UK sterling devaluations.
Likewise, when the UK previously used commerce as a weapon, Eire was pressured to determine its personal toddler industries that are an vital foundation of Eire’s current prosperity.
The expression “unintended penalties” involves thoughts.
Micheal O’Cathail
Dublin, Eire
