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    European Department


    Lessons from Its Recovery from the Bank-Sovereign Loop

    A conference on January 19, 2015 held at Dublin Castle, Ireland and sponsored by the Central Bank of Ireland, the Centre for Economic Policy and Research, and the International Monetary Fund

    Copyright © 2015

    Cataloging-in-Publication Data

    Ireland: Lessons from Its Recovery from the Bank-Sovereign Loop – prepared by the European Department [et al.]. – Washington, D.C.: International Monetary Fund, 2015. pages ; cm – (European departmental paper)

    • “Approved by the European Department.”

    • Includes bibliographical references.

    I. International Monetary Fund II. International Monetary Fund. III. International Monetary Fund. European Department. IV. Title: Ireland—Lessons from Its Recovery from the Bank-Sovereign Loop. V. European departmental paper.

    ISBN: 978-1-51358-7-363 (paper)

    The European Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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    The conference “Ireland: Lessons from Its Recovery from the Bank-Sovereign Loop” was organized by the Central Bank of Ireland (CBI), the Centre for Economic Policy and Research (CEPR), and the International Monetary Fund (IMF) at Dublin Castle on January 19, 2015.

    Craig Beaumont from the IMF, Stefan Gerlach from the CBI and the CEPR, and Philip Lane from Trinity College Dublin and the CEPR were the main organizers. They gratefully acknowledge the contributions of all the speakers and attendees to the success of the conference. Minister Brendan Howlin and Governor Patrick Honohan gave insightful speeches on Ireland’s experience in recovering from a severe crisis. Presentations and papers by Professors Barry Eichengreen, Antonio Fatas, and Dirk Schoenmaker framed and stimulated the discussions in the sessions on banking, fiscal, and European policies. The panelists John Fell, Jonathan McMahon, Ann Nolan, Gillian Edgeworth, Tom Healy, István Székely, Robert Watt, Alan Ahearne, Agnès Bénassy-Quéré, and Colm McCarthy engaged in thought-provoking and lively exchanges. The conference sessions were ably moderated by Laura Noonan, Dan O’Brien, Sean Whelan, and Wolfgang Münchau. In the fruitful panel discussion that concluded the conference, Minister Michael Noonan, Benoît Cœuré, Valdis Dombrovskis, and Christine Lagarde drew lessons from Ireland’s experience. Peter Breuer, former IMF Resident Representative in Dublin, returned in the role of master of ceremonies. The conference team comprised of Kate Flood, Nadine Clarke, Kate Langdon, Marjorie Henriquez, Ana Ilagan, and Paul Moley made the many preparations needed to ensure the event went smoothly on the day. Acknowledgments are also due to the Irish authorities who facilitated access to the historic Dublin Castle for the event.

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