Each had its Dublin head office in the Dame Street/College Green area and we are standing in one of them, that of the Royal Bank, today. The Royal was – like the Hibernian – a Dublin-based bank, one of those which decided it could survive despite being precluded from issuing its own banknotes by the existence of the Bank of Ireland’s monopoly.
9  See Balassa, 1964, and Samuelson, 1964. 10  See Rodríguez-Palenzuela, Camba-Mendez and García, 2003. 11  See ECB, 2003a and 2003b. BIS Review 29/2004  3  complementary perspectives: an economic and a monetary analysis. These have become known as the two pillars of the ECB’s strategy.