A similar narrative can be told for Ireland. In other member-states, such as Greece, the sudden reversal initially affected the refinancing of debt and subsequently inflicted damage on the banking system following the haircut of Greek government debt.
•  As a result, the crisis revealed important weaknesses in the EU architecture and inadequacies in the implementation of the structures that had been put in place. 2  BIS central bankers’ speeches  •  First, the existing framework of economic governance was not sufficient to prevent the creation of imbalances.