The scale of the favourable demand spillover may not have been uniform or large, 8  BIS central bankers’ speeches  but it would have been advantageous.10 The increase in ECB policy rates in 2011, announced to head-off what proved to be a short-lived, largely oil-price driven, uptick in inflation, didn’t help either.
(d)  ECB promises  Could the ECB have prevented the need for an EU-IMF programme? Two suggestions have been made in this direction. One proposition is that reassuring statements from the ECB about the continued availability of funding for the Irish banks would have stemmed the deposit outflow and reduced the urgency of entering a Programme.