Subsequent reviews of the performance of the structure in the lead up to, and during, the financial crisis identified inadequate channels of communication between the two entities as part of the underlying factors behind the development of the risks that manifested in the Irish banking sector.7 The central banking and supervisory entities have since re-merged into the Central Bank of Ireland.
From this discussion I will draw three policy implications: firstly, the need, to recognize the significant effects of demographic trends, secondly, to avoid too loose a policy in the demographic bonus phase, and thirdly, to avoid too strict a policy in the demographic onus phase.