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Recalling the Celtic Tiger

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Edited By Eamon Maher, Eugene O'Brien and Brian Lucey

This book looks at various effects, symptoms and consequences of the period in Irish culture known as the Celtic Tiger. It will trace the critical pathway from boom to bust – and up to the current beginnings of a similar, smaller boom – through events, personalities and products. The short entries offer a sense of the lived experience of this seismic period in contemporary Irish society.

While clearly not all aspects of the period could realistically be covered, the book does contain essential information about the central actors, events, themes, and economic trends, which are discussed in a readable and accessible manner. Each entry is linked to the overall Celtic Tiger phenomenon and its immediate aftermath.

The book also provides a comprehensive account of what happened in this period and will be a factual resource for anyone anxious to discover information on the areas most commonly connected to it. All entries are written by experts in the area. The contributors include broadcasters, economists, cultural theorists, sociologists, literary critics, journalists, politicians and writers, each of whom brings particular insights to some aspect of the Celtic Tiger.

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ECB (Megan Greene)

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Megan Greene

ECB

The European Central Bank conducts monetary policy for the Eurozone with a mandate of maintaining price stability, or inflation close to, but just below, 2%. Its capital stock is held by the national central banks of member states and the ECB is governed by a governing council comprised of national central bank governors from all the member states and six executive board members.

The ECB is somewhat different from other central banks in that it is not a clear lender of last resort to the banks; lending in the Eurozone is decentralised, with loans coming from the national central banks. If the loan is defaulted on and collateral does not cover the loss, then the losses are shared by the entire Eurosystem. When banks have used up all their eligible collateral to obtain funds from the ECB but still need to borrow more, they can give non-eligible collateral to their national central bank in exchange for Emergency Liquidity Assistance (ELA).

ELA is one extraordinary monetary policy measure that the ECB employed during the euro crisis, and Irish banks were one of the biggest recipients. Other extraordinary measures included the Securities Markets Programme (SMP) and finally in 2014 quantitative easing (QE). The ECB was often the swiftest institution to act in the euro crisis because of its independence. That being said, the ECB still arguably had political facets.

Ireland was exposed to some of these political tendencies during...

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