Patrick Honohan (Trinity College Dublin) at ESM Research Webinar

"Contrasting stabilization approaches in three island banking crises: Cyprus, Iceland, and Ireland"

Abstract: The three big European systemic bank crises of the GFC were resolved in remarkably different ways, whether one looks at it from the perspective of bail-in, of liquidity support, or of capital controls. These contrasts are partly explicable by the contrasting initial conditions: especially the scale of the banking insolvency; they are also explained by the evolution of international thinking on how to deal with such problems. All three economies recovered more quickly than many expected. What lessons can be learnt from these experiences, to be applied to future events, such as that which is currently unfolding in Lebanon?

Bio: Patrick Honohan was Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015. He is an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics. Previously he spent twelve years on the staff of the World Bank where he was a Senior Advisor on financial sector issues and led half a dozen of the first wave of FSAPs for developing countries. During the 1990s he was a Research Professor at Ireland’s Economic and Social Research Institute. In the 1980s he was Economic Advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. A graduate of University College Dublin, he received his PhD in Economics from the London School of Economics in 1978.

This is an ESM research internal seminar. If you would like to attend, please register here.