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David McWilliams, echoing Martin Feldstein in the FT earlier this week, suggests a Central Bank refinancing of banks to introduce liquidity into the system using the fact we are in an economic and monetary union. McWilliams' sense of social justice ensures the developers, whom he blames for the present mess (and he's not too far wrong there) will get short shrift from this deal. This is an excellent idea from McWilliams.

The key insight of the post is that EMU is not just a set of constraints on monetary policy---it is also an opportunity to provide free liquidity, at least on the relatively small scale Ireland would require.

McWilliams tells us, in a lovely turn of phrase:

Monetary union is a two-way street. While we can’t affect our interest rates, we can engineer liquidity.

A longer post on this when I start teaching Economics of EU Integration in a few weeks.

  Posts

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December 10th, 2019

Using Social Media to Boost your profile

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November 5th, 2019

Innospace UL talk

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October 9th, 2019

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September 15th, 2018

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March 24th, 2018

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March 7th, 2018

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February 7th, 2018

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December 10th, 2017

Marian Finucane Interview

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November 17th, 2017

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November 14th, 2017

Health Workforce Planning Models, Tools and Processes: An Evidence Review

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October 5th, 2017

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October 1st, 2017

AIST Debt and Demography talk

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September 7th, 2017

My AIST Keynote: Europe Exposed

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July 22nd, 2017

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My speech at the MacGill Summer School is here. Thanks to Joe Muholland for inviting me to speak.

May 25th, 2017

Business Post Articles

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