Background to the Irish Financial Crisis
Michael Torpey
30 years: Treasury & banking
Michael introduces his series on the Irish financial crisis, starting a decade prior. He provides an account of Ireland's monetary and fiscal policies and the country's movement towards the single currency.
Michael introduces his series on the Irish financial crisis, starting a decade prior. He provides an account of Ireland's monetary and fiscal policies and the country's movement towards the single currency.
Background to the Irish Financial Crisis
13 mins 7 secs
Ireland was particularly vulnerable when the global financial crisis struck. The level of vulnerability was largely due to the low interest rates, the pro-cyclical fiscal policy, excessive borrowing by banks from the international debt market, light regulation and the government tax policies.
Key learning objectives:
Explain the impact of Ireland’s monetary policy and single currency on putting Ireland into a vulnerable position before the crisis
Describe the level of regulation on Irish banks
Explain how Ireland’s fiscal policy impacted its position pre-crisis and whether the vulnerability was perceived at the time
Michael Torpey
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