The previous central bank Governor is particularly culpable in this regard. The Irish central bank still has a huge staff despite most of its functions now being performed by the ECB and other financial regulators and there is NO evidence that it had any positive contribution to make whatsoever. (One staffer I knew confessed to spending most of his time drinking pints and writing the occasional book).
Some independent economists that I have highlighted in previous diaries did sound warnings but were ignored as not being "serious people". Serious people in this context being defined as the habitués of the Fianna Fail fund raising tent at the Galway races... developers, financiers, movers and shakers and assorted parasites... Frank's Home Page and Diary Index
Banks may have lent too much in an era of ineffective regulation. It is important that the pendulum should not swing too far in the other direction. If SMEs cannot obtain adequate finance, the cost will be slower growth and higher unemployment.John Kelly is a former head of statistics at the Central Bank
Banks may have lent too much in an era of ineffective regulation. It is important that the pendulum should not swing too far in the other direction. If SMEs cannot obtain adequate finance, the cost will be slower growth and higher unemployment.
John Kelly is a former head of statistics at the Central Bank
