The staff and leadership of the Central Bank of Ireland contribute to the policy discussions of the ESAs, through committee work and membership of their governing boards. A second element of banking union is a common EU-wide approach to the recovery and resolution of banks, which is laid down in the Banking Recovery and Resolution Directive (BRRD).
It is, therefore, notable, that the earlier anticipated monetary policy normalisation (or increase of interest rates) in the advanced countries is being re-assessed and restrained with the advent of generalised weaker economic performance and heightened policy uncertainty.