The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
The Irish central bank and Ireland in general did not really regulate its own banks. Your theory that that was somehow the responsibility of other regulators to regulate Irish banks let's your neoliberal irish friends of thew hook.
I grant you that the Irish Central Bank failed to regulate its banks. Most likely regulatory capture. But there are two sides to every loan. When the Irish real estate bubble popped there were lots of foreign banks that were owed money. These banks also had an obligation to perform due diligence when making the loan. That they did is laughable. So they and their regulators also bear responsibility. But, especially in Germany, the attitude is that this is all the fault of a bunch of irresponsible banks in peripheral countries - the German version of evil foreigners.
I advocate a fair sharing of responsibility where each party takes a haircut. You advocate having only the evil foreigners take the haircut. Granted my position is unhelpful to German, British and other creditors and their agents in the guise of the ECB and BOE. Were all oxen to be gored perhaps there would be an incentive to construct a fairer and more balanced system that serves the purposes of more than just the elites in Germany.
"It is not necessary to have hope in order to persevere."
by gmoke - Sep 27 9 comments
by gmoke - Sep 11 2 comments
by Frank Schnittger - Sep 17 129 comments
by epochepoque - Sep 4 8 comments
by Helen - Sep 6 66 comments
by Frank Schnittger - Sep 2 19 comments
by gmoke - Sep 279 comments
by gmoke - Sep 25
by Frank Schnittger - Sep 17129 comments
by gmoke - Sep 112 comments
by Helen - Sep 666 comments
by epochepoque - Sep 48 comments
by Frank Schnittger - Sep 219 comments