The currency crisis turned into a particularly bitter time in the Irish financial community. Such was the strength of elements of the pro-strong currency lobby that those who questioned the policy were not short of being attacked as national traitors. The trade union movement rowed in strongly behind the Government policy of holding in, as did much of the media and most of the political parties. John Bruton's was the only mainstream political voice raised in opposition to the no devaluation policy, leading to strong criticism from the Government. In the event he was to be proved right.

Such was the mood of the time that even many of those working in banking groups were prevented from expressing their true beliefs as their masters feared the political backlash. This left the likes of UCD economist Brendan Walsh to support the devaluation case. Still the "sneaking regarders" of devaluation were well known and gradually put their heads up over the parapet. Once the decision had been taken, the Government got lucky - politically speaking. The subsequent decline in sterling and the strong flow of funds back into the State allowed the Fianna Fail/Labour government to glory in the decline of interest rates which, along with a competitive currency value, led to the start of the current economic boom. The decision to opt for a big devaluation - 10 per cent in the pound's central rate - meant the currency did not suffer in the upheavals which finally pulled the ERM apart in mid-1993.