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The Irish politicians were responsible for the regulation of the Irish banks. There was  no european banking regulation. Irish banking regulation failed.

The Irish people supported not only FF, but also the their coalition partner and the main opposition party FG. All of them - and the Labour party at least 90% of it - supported the failed Irish economic model. All the other major players of Irish society: banks, business, the real estate sector, local government, the unions, the press played happily along.

Perhaps the roman catholic church was innocent, being otherwise occupied. And perhaps the national association of the travelers opposed the housing boom.

But as far as a society can be made responsible, the Irish society was collectively responsible.

The last big madness was the famous universal guarantee, without consultation of any european partners.

The ECB on the other hand is not helpful now, but has supported the Irish banks two years now. Is it really so absurd to say, this can't go on we need a permanent solution?

Now this could have happened in other countries and in similar ways it did. Everybody likes a real estate boom and low taxes, and everybody likes to blame shadowy foreigners.

But we shouldn't encourage them. Not in Ireland and not in Iceland or Greece.  

by IM on Fri Feb 4th, 2011 at 04:43:38 PM EST
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