In other words, a myriad of decisions both large and small, including decisions not to act (inaction bias), all underpinned by implicit and explicit assumptions, led to the global financial crisis and how catastrophic its effects were in Ireland.
There is also a strong argument that Ireland, as a small and open economy, was and is more susceptible to the economic cycle and is likely to experience more froth in the good times and is at greater risk of severe downturns than larger, less open economies.