Responding to these global challenges as a small economy or Central Bank, without the weight of Europe https://www.centralbank.ie/news/article/speech-irelands-engagement-in-europe-1-oct-20  4/5  02/10/2020  Ireland’s Engagement in Europe and Deeper Integration of Europe - Deputy Governor Sharon Donnery  would be considerably harder.
But this boost would ultimately be very costly. Not only does it does it come with welfaredecreasing macroeconomic instability, but it also brings about an arbitrary redistribution of wealth that may, in the worst case, undermine social cohesion and trust that the central bank is acting within its narrow price stability mandate.