Having the alternative to avoid the costs of currency risk and foreign exchange transaction, the Irish exporting enterprises were reluctant to establishing trading relationships with other markets in continental Europe and elsewhere. Because of the one-for-one link, trade with the sterling area involved no greater financial complexity than internal trade. The analogue to the Namibian situation is striking.
“I’m hopeful as that comes, we will start seeing a slow pickup in growth away from the 5 per cent [pace] it has been trundling over the past few quarters and back to the sixes and sevens.” He argues India is still 10 to 12 years behind China when it comes to pursuing growth boosting reforms.