10 Euro – Ireland

In 2016, Ireland remained a full member of the Eurozone, using the euro (€) as its official and sole currency since its adoption in 2002. The country's monetary policy was therefore set by the European Central Bank (ECB) in Frankfurt, with a primary focus on price stability across the entire currency bloc. This period followed the tumultuous aftermath of the 2008 financial crisis, during which Ireland had exited its EU-IMF bailout programme in 2013. By 2016, the economy was in a phase of strong recovery, dubbed the "Celtic Phoenix," with GDP growth among the highest in the EU, which bolstered confidence in the euro's stability within the country.

A significant currency-related issue in 2016 was the persistent volatility and depreciation of the pound sterling following the UK's Brexit referendum in June. As Ireland's largest trading partner, the UK's decision created immediate economic uncertainty. The sharp fall in sterling's value posed a serious challenge to Irish exporters, making their goods and services more expensive in the vital British market, while also increasing the risk of cheaper UK imports undermining Irish domestic producers. This exchange rate shock highlighted the unique complexities of sharing a currency with Europe while being so deeply economically intertwined with a non-euro neighbour.

Domestically, there was little political appetite or serious public debate about leaving the euro, which was broadly seen as a source of stability during the previous crisis. However, the year was not without currency-focused discussions. These primarily centred on housing and banking, as the recovering economy faced issues of rising mortgage rates (influenced by ECB policy) and the legacy of non-performing loans from the crash. Furthermore, the continued use of sterling in cash transactions along the border with Northern Ireland was a practical reality, a reminder of the island's complex economic geography that would become a central focus in the post-Brexit negotiations that lay ahead.