In November, Ireland concluded a program with the European Commission and the IMF, in liaison with the ECB. This program will deliver an important contribution to restoring financial stability in the country. Lessons learned and challenges 10. The worldwide crisis has exposed some fundamentally weak spots in the international economy and the global financial system.
In many cases the efforts to address them have only just got under way, while there is still much uncertainty about the effects of the measures. I will focus on two main challenges, first strengthening the banking sector and second enhancing macro-prudential oversight. Strengthening the resilience of banks 11. Banks were at the epicentre of the crisis.