Still, it is reasonable to ask whether, having under-priced lending so badly in the early years of the millennium, they could end up over-pricing it now. Ireland is not the only country to have been experiencing widening spreads. In the UK too they have moved up since the crisis and, for mortgages, are about as high as here.
It is a demanding task, but we must undertake this challenge. Third, the importance of a healthy amount of discretionary powers. The public sector needs appropriate discretionary powers, both in the area of monetary policy and financial supervision.