A Way Forward: The Future of Irish and European Union Financial Regulation

Rishi Ahuja, Sean Barrett, Shaen Corbet, Charles James Larkin

Research output: Contribution to journalArticlepeer-review

2 Citations (SciVal)

Abstract

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.

Original languageEnglish
Pages (from-to)346-360
Number of pages15
JournalEconomic Analysis and Policy
Volume64
Early online date30 Oct 2019
DOIs
Publication statusPublished - 1 Dec 2019

Keywords

  • Banking inquiry
  • Financial crisis
  • Financial regulation
  • Government response
  • Ireland

ASJC Scopus subject areas

  • Economics and Econometrics
  • Economics, Econometrics and Finance (miscellaneous)

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