The recent global crisis revealed a role for macro-prudential policy or measures to mitigate systemic risk. In Ireland, the high costs of the recent banking crisis showed that forward-looking risk assessments and pre-emptive policy action are important to ensure that the future probability of...

This paper aims to place the Irish financial crisis of 2007/08 to date in comparative context. By drawing on international experience, some stylised facts on the potential longer-term economic consequences are drawn.