Between 1951 and 1958, as Europe’s economy rebounded, Ireland’s relative GDP per capita actually fell from 75 to 60 per cent of the EU average. It was the year 1958 in which an important turning point was made in Irish modern economic history: The Programme for Economic Expansion was published under your leadership and inspiration as the then Secretary of the Department of Finance.
Cooperation and competition among financial institutions The second topic I want to address today is the impact on financial stability of simultaneous competition and cooperation among large financial institutions. The IO literature gives us examples in which limited cooperation between otherwise competing firms can increase social welfare.