As you know, the Irish economy underwent a disastrous boom-bust cycle in the last decade. Following the bursting of the bubble in 2007/8, the economy entered a period of almost free-fall. In response to the crisis, the Irish authorities have been working conscientiously on stabilising and returning the economy to growth.
We need to think hard and carefully about how to put these lessons into practice in formulating policies that incorporate financial stability concerns into traditional macroeconomic policy levers as well as regulatory rules and approaches. Many of these areas for action have an important international dimension.