After all, Ireland is one of the most globalized economies in the world, and it consolidated this position in the period 1986–2007, during which aggregate living standards rapidly converged to those of the world’s leading economies.
At the same time, however, the crisis has revealed short-comings of the pre-crisis global monetary order. Insufficient medium-term orientation in the monetary policy frameworks led to too loose a monetary policy stance in many advanced economies and contributed in my view importantly to exacerbating pre-crisis financial excesses.