1. Action announced on 30 September 2008 and passed in legislation by the Irish Parliament on 2 October 2008.
2. The [UK] Banking Bill was introduced into Parliament on 7 October 2008 and received Royal Assent on 12 February 2009. The Bill is now an Act of Parliament, the Banking Act 2009,
http://www.opsi.gov.uk/acts/acts2009/ukpga_20090001_en_1
.
3. This section of the article draws upon Chapter 4 of Lastra, R. (2006) Legal Foundations of International Monetary Stability. Oxford: Oxford University Press.
4. The use of this ‘transportation analogy’ is borrowed from Joseph Stiglitz, who wrote an article on ‘Boats, planes and capital flows’ published by the Financial Times, 25 March 1998. In that article, he eloquently stated: ‘Although one cannot predict when it [a crisis] might happen, the chances of their [the boats] being broadsided by a wave are significant, no matter how well they are steered. Bad steering, though, increases the chances of disaster and a leaky boat makes it inevitable.
5. Friedman, M. (1959) The Control of Money. A Program for Monetary Stability. New York: Fordham University Press, p. 21.