The ratio in Ireland went from 30% to 130%, but then came back down to 70%. In Spain, it progressively increased from 30% to 130%, and then stayed there. This underlines that within a monetary union, domestic conditions and domestic policy choices continue to matter, particularly when they relate to fostering productivity growth.
*  *  *  Let me start by saying that the debate on appropriate exchange rate regimes has been surprisingly lively over the last few years.