Some might argue that Ireland’s objective should be to maintain nancial stability in Ireland. We agree but we cannot stop there. Financial stability is a global public good. We cannot shut our eyes at the border. We need to work closely with our peers across the world to ensure that the nancial system remains stable and serves all citizens.
Banks, insurers and capital market rms operate across borders in the EU, meaning that distress in one part of the system can spread to others. We seek to act in common cause with our European partners to ensure that overall nancial stability in the Union is maintained, even though there may be no immediate or direct threat to nancial stability in Ireland.