Yet there is little that is hesitant in his poems.” There are plenty who may think there’s no poetry in economics, but economics, like any field, can learn from the greats in others.2 A central theme of my remarks today is uncertainty. Ireland today faces considerable uncertainty. Put simply, the Irish macrofinancial environment could change significantly over the short and medium term.
We also used our liquidity tools to make funding available to banks that might need it. In addition to our discount window, we established a new facility under our emergency lending authorities, the Bank Term Funding Program.