As regulators consider the appropriate response to the recent bank failures, a renewed focus on the role of tailoring has emerged. From my perspective, there are several important steps we must take. First, we must seriously consider the feedback from a variety of internal and external viewpoints to identify what went wrong.
The coming couple of years are thus largely an opportunity for Ireland to (i)  deal with the level of debt and  (ii)  demonstrate that the tail risk is lower than has been believed  in ways that are under domestic control.