The solutions adopted by these countries range from very close, or even full, links to the euro, such as the unilateral entitlement to use the euro as legal tender – euroisation – to looser types of anchoring, such as peg arrangements and crawling fluctuation bands.
The central forum of this network was the Bank for International Settlements, whose Economic Advisor, Per Jacobsson, was an influential member of the Irish Banking Commission 1934–38. This Commission has been set up by the Fianna Fail government to see what needed shaking-up in Irish banking and it did, albeit without evident enthusiasm, duly recommend that Ireland should follow the new fashion.