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Euro Membership and Bank Stability – Friends or Foes? Lessons from Ireland

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  • Patrick Honohan

    (Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2, Ireland.)

Abstract

Hit by loan-losses from a bursting property bubble, the Irish banks were brought to near-collapse, contributing to one of the worst economic downturns of the global crisis. The sharp fall in nominal and real interest rates and the removal of exchange risk from foreign borrowing after euro membership played a part in these events. At the same time, several other countries have got into similar trouble, both recently and in decades gone by, so there is no guarantee that staying out of the eurozone would have prevented something comparable from happening. And the euro provided an anchor as the crisis broke.

Suggested Citation

  • Patrick Honohan, 2010. "Euro Membership and Bank Stability – Friends or Foes? Lessons from Ireland," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 52(2), pages 133-157, June.
    • Handle: RePEc:pal:compes:v:52:y:2010:i:2:p:133-157
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    Cited by:

    1. Moons, Cindy & Hellinckx, Kevin, 2019. "Did monetary policy fuel the housing bubble? An application to Ireland," Journal of Policy Modeling, Elsevier, vol. 41(2), pages 294-315.
    2. Constantin Gurdgiev & Brian M. Lucey & Ciarán Mac an Bhaird & Lorcan Roche-Kelly, 2011. "The Irish Economy: Three Strikes and You’re Out?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(1), pages 19-41, March.
    3. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.

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