A Way Forward: The Future of Irish and European Union Financial Regulation
28 Pages Posted: 2 Feb 2021
Date Written: January 1, 2021
The Irish financial crisis through the period between 2008 and 2012 caused unprecedented damage to the national economy while generating substantial inequality and demographic issues through the austerity measures that followed. While large amounts of taxation has gone towards understanding the events leading up to the crisis, there has not been a concentrated effort to consolidate the lessons learned within the Irish context. This paper seeks to fill that gap, providing an overview of the key lessons learned from the Irish experience of the European financial crisis. First, we interrogate the domestic response and evaluate the immediate government intervention and longer term investigation process through the national Banking Inquiry commissioned by the Irish government. Second, we focus on the broader domestic policy lessons learned from the crisis. Lastly, we briefly evaluate some of key changes in European policy that will in turn shape the future of Irish regulatory policy. We find several areas where further reform is necessary, helping chart a path forward for future legislation in the financial regulatory space.
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