Indeed, as is now well known, the ECB indicated privately in November 2010, albeit not fully credibly, to the Irish Government that it could pull the plug on Irish bank liquidity if Ireland did not apply for a programme.
6  See Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato, and Junko Shimizu (2019), “Growing Use of Local Currencies in Japanese Trade with Asian Countries: A New Puzzle of Invoicing Currency Choice,” Vox, June 10, https://voxeu.org/article/growing-use-local-currencies-japanese-trade-within-asia. 7 See Gita Gopinath, Emine Boz, Camila Casas, Federico J. Diez, Pierre-Olivier Gourinchas, and Mikkel Plagborg-Møller (2019), “Dominant Currency Paradigm,” NBER Working Paper Series 22943 (Cambridge, Mass.