2, 1966, pp. 178–197. 6  See, for example, Mark Gertler and Nobuhiro Kiyotaki, “Financial Intermediation and Credit Policy in Business Cycle Analysis,” in Benjamin Friedman and Michael Woodford, eds., Handbook of Monetary Economics, Vol. 3A, 2010.
After some initial hesitation, largely motivated by the fear of the regime being too strict, but eased by some ad hoc European subsidies (also granted to entrants Italy and Denmark), Ireland joined the ERM, while Britain stayed out. The outcome did not correspond to expectation.